The much-anticipated Kerala Budget for the fiscal year 2024-25 is set to be unveiled by Finance Minister K.N. Balagopal at 9 a.m. today in the Kerala Assembly.
Balagopal's agenda is expected to strike a balance between driving economic growth and boosting revenue amidst fiscal challenges. The government aims to uphold its social welfare commitments while navigating economic hurdles.
Recent reports indicate Kerala's economy witnessed steady growth in the preceding year, despite financial constraints. The Gross State Domestic Product (GSDP) surged by 6.6% at constant prices in the fiscal year 2022-23, marking positive progress for the state's economy following the pandemic.
Criticism was directed towards the Union Finance Minister Nirmala Sitharaman's Interim Budget for 2024-25, with Balagopal labeling it a "big disappointment" for Kerala, citing its failure to address the state's economic needs.
The upcoming budget is expected to focus on identifying new revenue streams, with attention drawn towards unexplored sources of income. Additionally, discussions around social security pensions and levies on liquor and fuel are anticipated, with the Opposition urging the government to reconsider these cesses.
Amidst financial strains and the looming Lok Sabha polls, Balagopal's budget presentation holds significance for its potential new announcements and strategies to bolster resources while sustaining development and welfare initiatives.
In a pre-budget statement, Balagopal hinted at proposals aimed at fostering revenue growth while ensuring minimal impact on citizens' livelihoods.
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