Kerala Budget 2024 updates | Finance Minister K.N. Balagopal says Kerala has been at the forefront of protecting cooperative federalism

Finance Minister speaks extensively on the Union government’s denial of tax shares to Kerala, says that it is part of a conspiracy to destroy the successful Kerala model

February 05, 2024 07:00 am | Updated February 06, 2024 11:04 am IST

Finance Minister K.N. Balagopal presenting the Budget

Finance Minister K.N. Balagopal presenting the Budget

State Finance Minister K.N. Balagopal presenting the Kerala Budget for the 2024-25 fiscal on February 5 (Monday) came down heavily on the Union Government for “denial of tax shares” to the State, calling this “part of a conspiracy to destroy the successful Kerala model.”

Hailing tourism, IT, and the Startup ecosystem, as “the flagbearers of new Kerala economy” Mr. Balagopal equated the State’s economy to a sunrise that has been rapidly rising. The Kerala model of development has ensured a high human development index and forged ahead in sustainable development goals, he said. 

Tourism and education sector received boosts, with the government aiming to also attract considerable investments to these two sectors.

Mr. Balagopal said the government has announced an assured pension scheme for employees. The existing National Pension System will be reviewed. Meanwhile, there is no hike in social security pensions.

The Economic Review report that was presented in the Kerala Assembly on February 2 said the State’s economy recorded “steady growth” in 2022-23 with the Gross State Domestic Product (GSDP) clocking 6.6% growth at constant prices.

Here are the live updates: 

  • February 05, 2024 11:42
    The deficit budget expects a revenue of ₹138655.16 crore and expenditure of ₹166501.21 crore
  • February 05, 2024 11:36
    Finance Minister winds up his Budget presentation
  • February 05, 2024 11:34
    Opposition has an ignorant attitude: Finance Minister

    Lashing out at the Central government for denying the State its just benefits, the Finance Minister has said Kerala has been in the forefront for protecting cooperative federalism in the country.

    He also took a swipe at the Opposition for having adopting an ignorant attitude towards the unfair treatment meted out to the State.

  • February 05, 2024 11:31
    Scrapping policy for old vehicles and furniture to be introduced in govt departments

    The finance minister announced that a scrapping policy will be introduced in government departments to scrap old vehicles and furniture. 

    He added that ₹200 crore of revenue is expected.

  • February 05, 2024 11:28
    Stamp duty for land, building lease agreements to be increased
  • February 05, 2024 11:28
    Fair value of land to be revised. Land tax to be fixed based on the type of use.
  • February 05, 2024 11:26
    Government to launch a new amnesty scheme to enable traders pay unpaid debts before the implementation of GST
  • February 05, 2024 11:25
    Tax and registration fees to be decreased for All India tourist buses registering in the State
  • February 05, 2024 11:21
    Gallonage fee on IMFL to go up

    The Finance Minister said that gallonage fee on Indian Made Foreign Liquor to be increased by ₹10 per litre. An additional revenue of ₹200 crore expected.

  • February 05, 2024 11:11
    One instalment of DA for government employees and pensioners to be disbursed in April.

    One instalment of DA for government employees and pensioners to be disbursed in April.

    The government has announced an assured pension scheme for employees. The existing National Pension System will be reviewed.

  • February 05, 2024 11:07
    Social security pension disbursal affected due to Centre

    Social security pension disbursal affected due to Union government’s policies. The state government will take steps to ensure timely disbursal.

    No hike in social security pensions.

    Also Read | Woes of those who wait for social security pension in Kerala

  • February 05, 2024 11:06
    Judicial city to be set up in Ernakulam
  • February 05, 2024 11:05
    Insurance scheme to be introduced for anganwadi workers
  • February 05, 2024 11:05
    Funds allocated for the NoRKA Department Project for Returned Emigrants scheme

    ₹25 crore has been earmarked for the NoRKA Department Project for Returned Emigrants scheme launched to help returnees earn their livelihood. 

    An allocation of ₹44 crore has also been made for the rehabilitation scheme implemented for such sections.

  • February 05, 2024 11:03
    Startups from SC communities to be promoted

    An allocation of ₹859.5 crore for Scheduled Caste development was announced by Finance Minister K.N. Balagopal in the ongoing Budgest session of the State Legislative Assembly.

    Mr. Balagopal also announced a project to promote startups by entrepreneurs from Scheduled Caste communities.

  • February 05, 2024 11:00
    Allocation of ₹553.31 crore has been made for social security and welfare programmes
  • February 05, 2024 10:48
    ₹33 crore allocated for Kerala Academy for Skills and Excellence
  • February 05, 2024 10:47
    Pilot project to launch stem cell therapy

    ₹1.5 crore earmarked for a pilot project to launch stem cell therapy in Government Medical College, Kottayam

  • February 05, 2024 10:47
    Labour sector gets an allocation of ₹464.44 crore
  • February 05, 2024 10:46
    State health insurance plan gets an allocation of ₹678.54 crore

    Karunya Arogya Suraksha Padhathi, the State’s health insurance plan, gets an allocation of ₹678.54 crore

  • February 05, 2024 10:46
    Voluntary contributions in govt hospitals

    A remittance account will be opened to accept voluntary contributions by those availing treatment facilities in government hospitals

  • February 05, 2024 10:45
    Govt engineering colleges to have interdisciplinary research centres

    Finance minister K.N. Balagopal said that interdisciplinary research centres will be established in government engineering colleges to augment the activities of diverse engineering streams.

  • February 05, 2024 10:43
    Sports sector gets an allocation of ₹127.39 crore
  • February 05, 2024 10:42
    ₹170.49 crore allocated for the culture sector

    A total allocation of ₹170.49 crore for the culture sector has been announced by the Finance Minister. 

    He also announced a project to renovate museums across Kerala.

  • February 05, 2024 10:40
    ₹35.1 crore allocated for ASAP Kerala that has been offering skill development programmes
  • February 05, 2024 10:39
    ₹456.71 crore allocation for higher education sector
  • February 05, 2024 10:37
    ₹239 crore has been earmarked for the second phase development works of Kochi Metro
  • February 05, 2024 10:37
    Development of the Malabar International Port

    An allocation of ₹9.65 crore has been made for developing the Malabar International Port that is bound to benefit north Kerala and south Karnataka.

  • February 05, 2024 10:36
    Pre-production centre for graphene-based materials to be established in Ottapalam

    A pre-production centre for graphene-based materials will be established in Ottapalam in association with Carborandum Universal Limited. An allocation of ₹260 crore has been made for the purpose.

  • February 05, 2024 10:35
    KSRTC gets an allocation of ₹128.54 crore. BS6 standard buses to be purchased.
  • February 05, 2024 10:29
    General education sector gets an allocation of ₹1032.6 crore

    One school in every district to be upgraded as a model school.

    A grading system will be introduced to assess the quality of schools. Residential training programmes will also be introduced for teachers.

    The General Education Department will impart training in AI. Such efforts are part of the State’s efforts in rising up to the challenges posed by AI and deepfake technology.

  • February 05, 2024 10:29
    Tourism sector to get an allocation of ₹351.41 crore
  • February 05, 2024 10:28
    An allocation of ₹1000 crore for infrastructual works including village roads
  • February 05, 2024 10:25
    International AI conclave to be held in association with IBM in July 2024

    As part of efforts to make Kerala a hub of Artificial Intelligence, the government will organise an international AI conclave in association with IBM in July 2024.

    A round-table conference involving research institutions and robotics companies has also been planned in August 2024 to explore the possibilities in the field of robotics

  • February 05, 2024 10:25
    ₹200 crore allocated for Kochi-Bengaluru industrial corridor project
  • February 05, 2024 10:24
    Kerala Information Technology Infrastructure and Kerala Statrtup Mission

    Kerala State Information Technology Infrastructure Ltd to get an allocation of ₹119.91 crore. The Kerala Statrtup Mission gets an allocation of ₹90.5 crore

  • February 05, 2024 10:21
    Support price for rubber to be increased

    Support price for rubber to be increased by ₹10 to ₹180 under the rubber price stabilisation fund incentive scheme. 

    Finance Minister criticises the Union government’s policies, which he says are aimed at promoting monopolies in the sector.

  • February 05, 2024 10:19
    Foreign liquor manufacturing to be explored

    The government will explore the feasibility of manufacturing foreign liquor in Kerala for export to other States and abroad. Efforts will also be made to remove hindrances in this regard.

  • February 05, 2024 10:17
    Kerala State Industrial Development Corporation (KSIDC) gets an allocation of ₹127.5 crore
  • February 05, 2024 10:16
    Coir sector gets an allocation of ₹107.64 crore
  • February 05, 2024 10:16
    Solar energy to be tapped

    Solar energy will be tapped to provide electricity connections in tribal settlements in far-flung areas. ₹3.5 crore has been allocated for the purpose.

  • February 05, 2024 10:16
    An allocation of ₹588 crore for irrigation projects
  • February 05, 2024 10:15
    Investment friendly climate in Kerala: Finance Minister

    Industries sector gets an allocation ₹1829.13 crore. 

    Finance Minister says there is an investment friendly climate in Kerala. He adds that the entrepreneurship promotion initative for MSMEs will continue,

  • February 05, 2024 10:14
    ₹100 crore for basic infrastructure projects in Kuttanad

    The Budget has earmarked ₹100 crore for basic infrastructure projects in Kuttanad that will be executed under the Rural Infrastructure Development Fund of NABARD

  • February 05, 2024 10:13
    An allocation of ₹27 crore for Sabarimala master plan
  • February 05, 2024 10:13
    ₹30 crore allocated for Cooperative Initiatives in Technology-driven Agriculture scheme
  • February 05, 2024 10:12
    Special local development packages

    An amount of ₹252.6 crore has been earmarked for the special local development packages being undertaken by the State government. ₹75 crore has been allocated for the coordination works of Kasaragod, Wayanad, Idukki development packages.

  • February 05, 2024 10:12
    Union government destroying Kerala’s Co-operative sector: Finance Minister

    Co-operative sector gets an allocation of ₹134.42 crore. 

    Finance Minister says Union government making attempts to destroy Kerala’s Co-operative sector

  • February 05, 2024 10:11
    5 lakh houses will be completed by March 2025

    Finance Minister announced an allocation of ₹1132 crore for LIFE housing project. He said that 5 lakh houses will be completed by March 2025. 

    ₹17,104.84 crore spent till now for the project and 3,71,931 houses have been completed with the same.

  • February 05, 2024 10:08
    Safari parks to boost tourism prospects in North Kerala

    The government has initiated steps to establish a Safari park in Nadukani in Taliparamba, Kannur, and a Tiger Safari park in Muthukad in Kozhikode. The projects are expected to boost the tourism prospects of North Kerala.

  • February 05, 2024 10:08
    Kudumbashree Livelihood Inititative for Transformation (K-LIFT) to be launched. An allocation of ₹265 crore for Kudumbashree
  • February 05, 2024 10:07
    Constitutional literacy project to be implemented

    Finance Minister announced project to promote constitutional literacy among the general population to be implemented through local bodies.

    Plan funds share for Local self government institutions increased to 28.09% of State plan. He annpunced an allocation of ₹8532 crore

  • February 05, 2024 10:05
    Kerala will eradicate extreme poverty by November 2025. This will become a record in the country.
  • February 05, 2024 10:04
    A Kerala Forest Ecotourism Development Authority will be launched to leverage the potential of ecotourism centres in the State
  • February 05, 2024 10:01
    New fishing harbour at Pozhiyoor

    A new fishing harbour to come up at Pozhiyoor in Thiruvananthapuram, the Finance Minsiter said. An allocation of ₹5 crore has been made for preliminary steps, he added.

  • February 05, 2024 10:00
    Changes in law for sandalwood cultivation: Finance Minister

    Finance Minsiter announced a project to promote sandalwood cultivation. He said that changes will be made in laws related to sandalwood cultivation.

  • February 05, 2024 09:59
    Funds to be allocated for dairy development sector

    The Finance Minister announced that ₹109.25 crore will be allocated for dairy development sector. This includes funds for a rural dairy extension and farm advisory service.

  • February 05, 2024 09:57
    Allocation of ₹136.9 crore for coastal development

    Punargeham project which aims to rehabilitate fisher families living within 50 metres of the coastline gets ₹40 crore allocation, double the allocation in the previous year.

  • February 05, 2024 09:49
    ₹83.99 crore has been earmarked for soil and water conservation programmes
  • February 05, 2024 09:48
    Government announces ₹227.12 crore allocation for the fisheries sector
  • February 05, 2024 09:47
    The government aims to attract investments towards the higher education

    A task force of academic experts will be formed to rope in expatriate academic experts to utilise their expertise in the field of higher education. Four regional conclaves will be held in Europe, USA, Gulf countries and Singapore during the months of May and June as part of such efforts. A Higher Education Transformation Initiative Global Conclave will be held in Kerala in August in continuance of the endeavour.

    The government will explore the feasibility of permitting foreign universities in Kerala. Steps have been initiated to facilitate the launch of private universities in the State.

  • February 05, 2024 09:45
    Finance Minsiter announces an allocation of ₹1698 crore for the agriculture sector
  • February 05, 2024 09:43
    Govt to invest ₹50 crore to boost tourism at 20 destinations

    Kerala has emerged among the most preferred tourist destinations after the COVID-19 pandemic, Finance Minister K.N. Balagopal said during the Budget session of the Legislative Assembly

    Steps will adopted to attract investments of ₹5000 crore towards the tourism industry, Mr. Balagopal said.

    As part of ongoing steps to boost tourism, the government will give shape to a project to develop facilities for gatherings of up to 500 people. 20 such destinations will be developed for the purpose. 

    In the first phase, such facilities will come up in Varkala, Kollam, Munroe Thuruth, Alappuzha, Munnar, Fort Kochi, Ponnani, Beypore, Kozhikode and Bekal. An amount of ₹50 crore has been set aside for the purpose.

  • February 05, 2024 09:39
    Kerala Finance Minister K.N. Balagopal presenting the Budget

    WhatsApp Image 2024-02-05 at 09.37.18.jpeg

  • February 05, 2024 09:35
    Further allocations in education sector

    ₹10 crore earmarked to establish three Centres of Excellence under APJ Abdul Kalam Technological University

  • February 05, 2024 09:34
    Development permits allocated for 16 private industrial parks. 25 more expected to be cleared in the next financial year.
  • February 05, 2024 09:33
    Three regional centres will be launched for Digital University Kerala: Finance Minister

    The Finance Minister has hailed the higher education sector for its silent revolution in the field of science and technology. He cited the development of the Kairali Chip at the Digital University Kerala. The university, which has bagged 16 patents thus far, is the first institute to develop a processor.

    Digital University Kerala has entered into an agreement with Oxford University to student exchange and scholarship programmes, he further says.

    Three regional centres will be launched for Digital University Kerala, Mr. Balagopal adds.

  • February 05, 2024 09:29
    ₹10 crore allocated to organise Keraleeyam in 2024-25. Industrial-trade fares to be part of Keraleeyam
  • February 05, 2024 09:28
    Centre conspiring to destroy Kerala model: Finance Minister

    Finance Minister speaks extensively on the Union government’s denial of tax shares to Kerala. Says that it is part of a conspiracy to destroy the successful Kerala model. But despite the fall in revenue shares, the State is committed to increase its welfare spendings. No other State has welfare schemes to match Kerala’s.

  • February 05, 2024 09:27
    Revenue deficit has been successfully kept under control: Finance Minister

    Finance Minister K.N. Balagopal says Kerala has been successful in keeping revenue deficit under control.

    Kerala’s own revenue collection doubled in four years and further increase is also possible, he added during the Budget session of the Legislative Assembly.

  • February 05, 2024 09:23
    The Finance Minister has challenged the Opposition to an open debate on government spending
  • February 05, 2024 09:22
    Opposition's protests against Centre critical: Finance Minister

    Critical of the Centre’s neglect towards Kerala, the State pinned its hopes on the Supreme Court and protests that have been planned against the Union government.

    The Opposition, which has turned its back towards the planned protests, too has held the Centre responsible for the State’s fiscal crisis.

    Finance Minister asks Opposition to organise protests on its own against the Union government’s denial of tax revenues to Kerala.

  • February 05, 2024 09:19
    Tourism, IT, Startup ecosystem are the flagbearers of new Kerala economy, says Finance Minister
  • February 05, 2024 09:18
    Transport sector developments

    The Government will seek alternative models of project development.

    Centre’s sanction soon expected for commencing work on Thiruvananthapuram Metro.

    The government will forge ahead with steps to realise the SilverLine project.

    High speed rail corridor imperative for Kerala.

  • February 05, 2024 09:16
    Government to enable ease of travel with NH 66

    NH 66 development works to be completed soon, enabling travel from one end of the state to the other in 8 hours.

  • February 05, 2024 09:15
    Creating measures to attract students from outside

    Law reforms in the offing to attract students from outside the State to pursue professional courses in Kerala

  • February 05, 2024 09:14
    Kerala plans to follow the Special Development zones model pioneered in 1970s in China
  • February 05, 2024 09:14
    Investments worth ₹3 lakh crore

    Government to attract investments worth ₹3 lakh crore during the next three years.

  • February 05, 2024 09:12
    Rehabilitiation of fishermen families will be ensured

    The Kerala government will ensure rehabilitiation of fishermen families displaced for the seaport project, the finance minister said

  • February 05, 2024 09:11
    Finance Minister K N Balagopal with budget papers leaves for Assembly

    WhatsApp Image 2024-02-05 at 09.09.35.jpeg

  • February 05, 2024 09:09
    Vizhinjam International Seaport Terminal to become oeprational in May
  • February 05, 2024 09:08
    Centre can't destroy Kerala economy: Finance Minister

    Depsite the Union government’s economic strangling of Kerala, the State’s economy cannot be destroyed, says Finance Minister K.N. Balagopal. 

    Mr. Balagopal equates Kerala’s economy to a sunrise that has been rapidly rising on the advancements of science and technology. The Kerala model of development has ensured a high human development index and forged ahead in sustainable development goals.

  • February 05, 2024 09:05
    Finance Minister K.N. Balagopal commences the Budget speech
  • February 05, 2024 08:52
    Finance Minister K.N. Balagopal arrives at the Assembly to present the budget and vote on account
  • February 05, 2024 08:45
    Make provision for paddy procurement, say farmers ahead of Budget

    The Budget must set aside funds for seasonal procurement of paddy on a regular basis to help farmers, who are now driven to penury, rising debt and suffering the worst consequences of deficit rainfall triggered by climate change.

    K. Shivanandan, a paddy farmer in Palakkad said that the farmers have submitted a memorandum to the finance minister ahead of the Budget demanding that a permanent feature of the Budget should be funds to support farmers through paddy procurement. He said there are dozens of farmers, who are yet to get money for the paddy procured from them during the last season.

    While the money has not been coming through government channels, farmers were forced to take loans from banks against their paddy land, said Mr. Shivanandan. The matter is now under court consideration, he added.

    Read more here.

  • February 05, 2024 08:24
    Untapped revenue sources, social security pensions, liquor and fuel cess will be key points

    The Budget will be keenly watched for measures aimed at exploring hitherto untapped revenue sources for the government. 

    On the fiscal front, the LDF government has been blaming the BJP-led Union government of unfairly depriving it of ₹ 57,400 crore annually. These issues are likely to persist in 2024-25 as well.

    The government’s plans for the social security pensions, and the liquor and fuel cesses announced in the last budget to feed a social security seed fund are of interest this time. The Opposition UDF has been demanding the LDF government to scrap the cesses alleging that they have unable to prevent the delay in social security pension payments. 

  • February 05, 2024 07:57
    Finance Minister K.N. Balagopal to present Budget at 9 a.m.

    Finance Minister K.N. Balagopal will present the Budget for the 2024-25 fiscal and the Vote on Account at 9 a.m. in the State Legislative Assembly.

    Being presented amid a financial crunch and in the runup to the Lok Sabha polls, the budget generates considerable interest in terms of new announcements, proposals to mobilise much-needed additional resources and steps to maintain momentum on the development and welfare initiatives of the Left Democratic Front government.

    Talking to reporters on February 3, Mr. Balagopal had hinted at proposals for spurring revenue growth, but added that care would be taken not to cause hardships to the people.

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