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Kerala Finance minister KN Balagopal presents Economic Review; To present Budget 2023 tomorrow

 

Thiruvananthapuram: Kerala Finance minister KN Balagopal will present the state budget on Friday. The Centre in the Union Budget did not sanction any of the proposals made by the state to increase revenue. As a result, the state is devoid of any new source of revenue.

Therefore, the government is unlikely to step away from increasing all possible taxes. The government presented Economic Review 2022 in the Assembly on Thursday. Balagopal said the Centre’s imposition of cuts in the borrowing limit of the states would adversely impact Kerala’s economy. Kerala’s growth rate increased to 12.1% in 2021-22 reviving from the financial crisis caused by the Covid-19 pandemic.

The State Domestic Product improved to 12.1% from 9.2% during the financial year 2021-2022, states the Economic Review tabled in the Kerala Legislative Assembly on Thursday prior to the presentation of the State Budget. This is the highest ever growth rate achieved after 2012-13. The relief packages granted despite the financial crisis faced by the state helped growth to pick up, the Economic Review said.

Speaking at the state Assembly, he said the Union government adopted a ‘wrong policy’ to reduce the state’s borrowing capacity after including the loans taken by the special purpose vehicles like Kerala Infrastructure Investment Fund Board (KIIFB) and Kerala Social Security Pension Limited (KSSPL) within the state government’s overall borrowing limit. The minister added that besides availing loans, the government is making all efforts to find funds for the development projects by increasing tax and non-tax revenue, reducing unwanted expenses and mobilising maximum resources.

 

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