Kerala Finance Minister presents state budget for financial year 2023-24

Thiruvananthapuram: Kerala Finance Minister K.N. Balagopal presented the state budget for the financial year 2023-24 at Kerala Assembly on Friday. The Finance Minister said that Kerala is back to the path of growth and prosperity and state revenue is expected to increase up to Rs. 85,000 in the current fiscal.

The budget earmarked Rs. 2,000 crores to control inflation through comprehensive market interventions and Rs. 600 crores for rubber subsidy. The Finance Minister announced a special R &D budget to transform Kerala into a 'Knowledge Based Society'. The Budget allocated Rs. 1000 crore for the newly-introduced 'Make in Kerala' project to increase domestic production and  Rs.971 crore for the agricultural sector. 

The total provision for Rural Development is Rs.6294 crore and Rs.230 crore is allocated as the state's share for Mahatma Gandhi Rural



Employment Guarantee Scheme.

The budget proposal to introduce Social Security Cess for fuel and liquor has invited strong criticism from opposition parties. Congress-led UDF and Kerala BJP came down heavily against the tax proposals. Opposition leader V.D. Satheesan said that the budget hides the critical financial situation in the state and introducing fuel cess will lead to the price hike of essential commodities. The budget aimed at looting people and it completely ignored the welfare of the poor, said Kerala BJP President K. Surendran. 

The state budget also increased the one-time tax for newly purchased vehicles and enhanced the fair value of land by 20 percent. The Stamp duty for the registration of flats and apartments was revised from 5 to 7 percent and also announced a revision in property tax.