Kerala Finance Minister K N Balagopal presented the budget for the 20233-23 financial year in the legislative assembly on Friday.
State FM laid the state budget 2023 in the legislative assembly today and began his speech. This is the third budget by Balagopal. He said that the petrol, diesel prices will be increased by Rs 2 per litre in Kerala.
The minister announced that the state might experience a financial crunch this year as the Centre’s assistance to the state has been reduced.
The state government is having difficulties because of the financial policies of the federal government, but the finance minister reassured that Kerala is not in debt and that the state is in a position to take on further loans.
The KSRTC received Rs 3400 crore from the budget.
A specific budget for research and development is announced by the finance minister as part of the drive to build a knowledge economy.
Balagopal claimed that the State has been working to prevent youth migration to other nations and to keep them in the State.
“Young people going abroad for education and employment and settle abroad. This requires central expression schemes. The government spends Rs 50,000 per student per year. Second generation development activities require the State government will make youth to stay in the state by creating better living facilities and new job opportunities,” the minister said.
The state’s capital Thiruvananthapuram’s Technopark will have a digital science park set up by May, according to the finance minister, and work on an IT park in Kannur will start this year.
During the project’s duration, Rs 1000 crore will be allocated, according to the minister. The budget for next year has been set at Rs 100 crore.
In Kerala, a budget of Rs 133 crore and Rs 300 crore have been set aside for the construction of 1933 km of highways, respectively.
Rs 10 crore has been allocated for implementing work from home model in the tourism sector.
The minister stated that because there is such a high demand for nurses, nursing colleges will be established at Idukki and Wayanad medical schools as well as taluk hospitals and general hospitals throughout the State.
Colleges will start off in the first stage with connections to 25 hospitals, and Rs 20 crore has been made aside for this purpose. The minister claimed that Rs 1000 crore had been set aside for medical travel and for making Kerala the world’s medical centre.