The trade and industry has hailed the announcements in the Kerala budget noting that the allocation of ₹2,000 crore for market intervention initiatives to arrest price rise is a great move to track and address the issue.

Cochin Chamber of Commerce and Industry said that the Industrial Facilitation Support has been a longstanding demand from the Chamber. The ₹200 crore for the Kochi-Palakkad Hi-Tech Industrial Corridor and ₹1,000 crore assistance through Kerala Infrastructure Investment Fund Board (KIIFB) for development of Vizhinjam ring road as industrial corridor is going to be a game-changer for Kerala’s Industrial climate.

This budget laid importance on uplifting the state transportation sector where ₹330 crore was allocated for promoting public transport for road and waterways. The transport sector as a whole gets a boost with ₹2,080 crore budget allocation and KSRTC gets an allocation of ₹131 crore which is a great move in developing state logistics to next level.

The Chamber appreciates the special attention provided to the Startups. An ambitious ‘Make in Kerala’ project which aims to encourage domestic production, with an initial investment of ₹100 crore this fiscal and allocation of  ₹212 crore for development of small scale industries will enable more growth for the startups in Kerala.

The focus on providing support to agriculture sectorby increase of rubber subsidy to ₹600 crore and allocation of ₹2.4 crore for dairy village project also deserve special appreciation. The decision for work from home at tourist centres and ₹50 crore allocation for development of tourism corridors is expected to give a major boost to the sector.

Kerala aiming to become fully renewable energy state by 2040 which is also bold and ambitious.

Arun David Mookken, President, Indian Chamber of Commerce & Industry said that the reduction on the rates of deposits while filing appeal under Commercial Tax laws was a much needed measure.

In the past few years, the Centre and the State governments used to take loans, not only for development expenditure, but also for meeting revenue expenditure. Since the Centre has imposed a ceiling on taking fresh loans by Kerala and at the same time discontinued GST allocation on augmented basis, the State imposed additional levy on petroleum products and additional taxes on motor vehicles sold to make up this shortfall, he said.

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