The salient features of the State Budget and the alleged neglect shown towards certain avenues came up for scrutiny at ‘Budget Talk – Live,’ a live Budget debate organised jointly by The Hindu and Media One channel at Vivanta by Taj on Friday.
Experts from various fields articulated their views at the discussion in the presence of Finance Minister T.M. Thomas Isaac and Agriculture Minister V.S. Sunil Kumar.
Terming the Budget ‘illusionary,’ Bharatiya Janata Party (BJP) national executive member V. Muraleedharan alleged that setbacks of demonetisation were being artificially inflated to be used as an excuse to cover up failures of the government in implementation of projects. He expressed doubts over the success of project implementation through the Kerala Infrastructure Investment Fund Board (KIIFB) since the government could generate only ₹1,024 crore, while projects valued at ₹4,000 crore had already been announced.
Former member of State Planning Board G. Vijayaraghavan said the Budget, which stood apart from conventional ones, reflected upon the government’s positive intent. “A majority of the allocations were through KIIFB, i.e., outside the State Plan fund. The non-conventional Budget has sought to pursue other options to raise funds at a time when the typical means for the same were restricted. However, it needs to be seen if the government machinery is capable of implementing projects through such measures,” he said.
Communist Marxist Party (CMP) leader and former member of State Planning Board C.P. John called for speedy implementation of proposed projects. Pointing out that he did not oppose KIIFB in principle, he said the system of raising additional resources from external sources could undermine the importance of the State Plan fund.
Former legislator Jameela Prakasam lauded Dr. Isaac for touching upon several aspects concerning women in the Budget. Besides proposing a special department for women, the Budget provided for welfare schemes, employment opportunities, education and security of women.
‘Investors disappointed’
M.P. Ahammed, general convener, Kerala Jewellers’ Forum Coordination Committee, and chairman of the Malabar Group of companies, said the Budget was a big disappointment for traders and investors as it contained no solid schemes for the commerce sector. Besides failing to slash the high tax burden on gold, the Finance Minister had not rectified the erroneous purchase tax announced in the previous Budget.
Kerala State Financial Enterprises (KSFE) chairman Peelipose Thomas said the ‘Pravasi Chitty’ envisaged in the Budget had immense potential, particularly with large numbers of non-resident Keralities (NRKs) becoming part of several informal chit funds. The scheme was also expected to boost KIIFB and enable the government to undertake major infrastructure projects.
CPI(M) legislator A. Pradeep Kumar said the Budget aimed at enhancing the quality of education. Citing the example of the Government Vocational Higher Secondary School in Nadakavu, he stressed the need for community participation in improving infrastructure at schools.
‘Bureaucratic hurdles’
E.M. Najeeb, president, Confederation of Tourism Industry, Kerala, lamented that bureaucratic hurdles prevented private investors from setting up business ventures in the State. A lack of mechanism for approving project proposals in a time-bound manner resulted in Kerala lagging behind in terms of ease of doing business.
Echoing his views, Confederation of Real Estate Developers’ Association of India (CREDAI) national vice-president S.N. Raghuchandran Nair said there remained a trust deficit between the government and private business houses. He called for greater recognition of efforts made by private entities in the construction sector as it generated the highest number of jobs in the State.
Information Technology expert Joseph C. Mathew touched upon the style of presentation of the Budget. He said the proposals could have been presented from a ‘leftist perspective,’ an aspect that he claimed was missing from the Budget speech.
Self-Employed Women’s Association (SEWA) union State secretary Sonia George said equality for women workers should be ensured in various sectors. Steps were required to enable women to receive wages on a par with men, especially in the unorganised sector.
The event was presented by Malabar Gold and Diamonds and powered by KSFE.
