Support price of rubber hiked, agri sector gets Rs 1,698 cr

Kerala Finance Minister K N Balagopal on Monday presented the state’s budget for the financial year 2024-25 in the assembly by allocating Rs 1,698.30 crore for the struggling agriculture sector and increasing the minimum support price for rubber to Rs 180 from Rs 170.

He also set aside Rs 50 crore for extreme poverty eradication and announced Rs 134.42 crore for the cooperative sector.

Tabling the fourth budget of the second Pinarayi Vijayan government, Balagopal said that though the state is facing an economic crunch and the Centre allegedly imposing financial restrictions, the LDF government would not show any compromise in the development front.

Indicating that the state government would go ahead with its development plans, the finance minister said investments worth Rs three lakh crore would be brought to the southern state in the next three years.

He said Rs 1,698 crore would be set aside for the traditional agricultural sector and investments worth Rs 5,000 crore would be attracted to the tourism sector.

“The tourism sector is growing. Allocating Rs 351 crore for it in fiscal 2024-25,” he said.

Amidst increasing demand by rubber farmers for hiking its support price, Balagopal announced an increase of Rs 10 in it.

“The minimum support price for rubber is increased to Rs 180 from Rs 170,” he said.

Announcing more support to the higher education sector, the minister earmarked Rs 250 crore for the Digital University.

Balagopal said along with the straightening of lines and doubling of tracks, it is necessary to have the high speed rail system for the future development of the state. “The state will continue with its efforts to realise the K-Rail project. Discussions with the Central government in this regard are going on,” he added.

The minister also blamed the Centre’s economic policies and alleged neglect of Kerala for the southern state’s financial problems.

First Published: Feb 05 2024 | 11:18 AM IST