Kerala CM says budget outlines resolute measures for rapid development of state

Kerala Chief Minister Pinarayi Vijayan on Monday hailed the 2024-25 state budget presented by Finance Minister K N Balagopal, saying it articulates the government's aim of developing Kerala anew while overcoming the challenges and adversities it faces.

Vijayan said that the state is determined to rapidly modernise Kerala despite facing the alleged hurdles put in its way by the union government, and that the budget reflects that goal.

''The state government's budget for the financial year 2024-25 represents a strong initiative towards building a renewed Kerala by overcoming challenges and adversities. As stated by the finance minister in his speech, this budget outlines resolute measures aimed at the rapid modernisation of Kerala,'' Vijayan said in a statement.

He said the budget aims to utilise the full potential of the state to face the challenges of the new era.

''Despite facing a hostile approach from the union government, the budget has ensured that it carries forward the development and welfare projects for the people,'' Vijayan said.

Meanwhile, industry welcomed the state budget's shift towards encouraging the manufacturing sector, with a high focus on private investments in key 'Sunrise' sectors.

K Paul Thomas, the MD and CEO of ESAF Small Finance Bank, said the allocation of Rs 216 crore towards the Micro, Small and Medium Enterprise (MSME) sector, which represents a significant portion of the state's industrial base, is a significant step forward and would invigorate the MSME sector.

''The substantial allocation of Rs 1,032 crore for public education underscores the government's commitment to not just economic, but also social sector development, recognising the intrinsic link between education and socioeconomic progress,'' Thomas said in a statement.

The Federation of Indian Chambers of Commerce & Industry (FICCI) said the industrial sector of Kerala is moving forward with new vigour.

''Special focus on sectors such as startups, infrastructure and road development for Vizhinjam Port and nearby areas, development of West Coast Canal Project, IT, Energy Sector, and promotion of local tourism centres are to be appreciated,'' Chairman of FICCI Kerala State Council M I Sahadulla said.

Joy P V, a Senior Vice President and Country Head at Federal Bank, said the emphasis on infrastructural projects such as Kozhikode and Trivandrum Metro, along with the expansion of the Kochi Water Metro, signal a commitment to development.

''The initiatives outlined in Kerala Budget 2024-25 indicate that the state is a frontrunner in the technology landscape. The considerable investments reserved for the IT industry, industrial parks, and the development of key IT infrastructure such as Technopark, Infopark, and Cyber Park are incredibly encouraging,'' said Jijimon Chandran, CEO and Founder of Acsia Technologies Private Limited.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)