The Kerala State Budget - 2024
The Kerala Budget – 2024
KORAH AND KORAH, CHARTERED ACCOUNTANTS

The Kerala model of development, with its focus on achieving a high human development index and progressing in sustainable development goals, has played a crucial role in its upward trajectory

The finance minister declared that government departments will implement a strategy of destroying used cars and furniture. He went on, estimating revenue of ₹200 Crores.

  • Liquor prices to go up further   

Gallonage fee on Indian Made Foreign Liquor to be increased by ₹10 per litre. An additional revenue of ₹200 Crores expected.

  • Funds allocated for the NoRKA Department Project for Returned Emigrants Scheme
  1.  The NoRKA Department Project for Returned Emigrants project, which was established to assist returnees in earning a living, has been allocated ₹25 Crores.
  2. Additionally, ₹44 have been set aside for the restoration program that would be applied to these sections.
  • Further investments to boost tourism at 20 spots
  1. Steps will be adopted to attract investments of ₹50 Crores towards the tourism industry. 20 destinations will be developed for the purpose.
  2. In the first phase, Varkala, Kollam, Munroe Thuruth, Alappuzha, Munnar, Fort Kochi, Ponnani, Beypore, Kozhikode and Bekal have been identified for this  purpose.
  •         State to attract investments in higher education
  1. A new task force of Pravasi academic experts to be formed to improve the quality of higher education.
  2. Expert meet from Europe, US, Singapore and Middle East will be held in May and June. A higher education transformation initiative global conclave has also been planned.
  3. State will explore the feasibility of setting up foreign universities in Kerala.
  4. Each district will get one upgraded model school. A new grading system will be implemented to evaluate school quality, accompanied by the introduction of residential training programs for teachers.
  5. Furthermore, the General Education Department is set to provide training in artificial intelligence (AI) as part of the state’s proactive approach in  addressing challenges presented by AI and deepfake technology.
  • New Fishing Harbour at Pozhiyoor

A new fishing harbour to come up at Pozhiyoor in Thiruvananthapuram. INR 5 Crores allocated as a preliminary measure.

  • 5 Lakh Houses to be built by next year

INR 1132 Crores allocated for LIFE housing project. 3,71,931 houses have been completed after spending INR 17,104.84 Crores.

  • Safari Parks to be set-up in North Kerala D

Safari parks will be set up in North Kerala to boost tourism. Park will be set up in Nadukani in Taliparamba, Kannur, and a Tiger Safari park in Muthukad in  Kozhikode.

  • Malabar International Port to be developed

An allocation of INR 9.65 Crores have been made for developing the Malabar International Port that is bound to benefit north Kerala and south Karnataka.

  • KSRTC to get new BS6 Standard Buses

The state road transport gets an allocation of INR 128.54 Crores. It will get new BS6 standard buses.

  •  Boost for Startups
  1. INR 10 Crores earmarked for expanding KSUM’s (Kerala Startup Mission) LEAP Centres state-wise.
  2.  INR 6 Crores allocated for startup support initiatives under the “Innovation Acceleration Scheme”
  3.  INR 9 Crores provided as interest subvention for Chief Minister’s Special Assistance scheme for benefiting MSME’s and startups.
  4.  INR 20 Crores earmarked for establishing the Technology Innovation Zone in Kalamasseri KINFRA Hi-Tech Park.
  5.  ‘Unnathi’ – a new scheme to promote entrepreneurship among the ST community, providing financial assistance of INR 10 lakhs to startups.
  6.  KSUM to set up work pods in scenic Kerala locations, attracting global entrepreneurs with innovative ideas.
  • Other Proposals
  1. Sabarimala master plan gets INR 27 Crores.
  2. The MSME sector will receive INR 215 Crores.
  3. The cashew sector has been earmarked INR 53 Crores.
  4. Operation Breakthrough, a project to address flash floods in Kochi city during rains, has been allocated INR 10 Crores.
  5. The Zoological park in Thrissur will be developed to an international level with an allocation of INR 6 Crores.
  6. A Tiger safari park will be established at Muthukad in Kozhikode.
  7. INR 2 Crores has been set aside for the primary expenses of the Naadukani Safari park project, which is estimated to cost INR 300 Crores.
  8. INR 83 Crores have been allocated for soil protection, and INR 78 Crores has been set aside for the safe vegetable project.
  9. INR 40 Crores has been allocated for the Punergeham project, aimed at rehabilitating those living in the coastal areas facing severe erosion. This is double
    the amount allocated in the previous budget.
  10. The government claims to have created 2.36 lakh job opportunities in the agricultural sector.
  11. An investment of INR 200 Crores is envisaged for the Digital University.
  • Concluding Remarks
  1. Despite the Union government’s efforts to stifle Kerala’s economy, Finance Minister K.N. Balagopal asserts that the state’s economic resilience cannot be
    undermined.
  2. Balagopal likens Kerala’s economy to a sunrise, rapidly ascending due to advancements in science and technology.
  3. The Kerala model of development, with its focus on achieving a high human development index and progressing in sustainable development goals, has played a crucial role in this upward trajectory

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