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Kerala Budget 2021-2022
The Finance Minister of Kerala, Dr. T. M. Thomas Issac, presented the Budget for the state for the financial year 2021-22 on January 15, 2021. Note that it is a vote on account.
Kerala Budget Highlights 2021
- The Gross State Domestic Product (GSDP) of Kerala for 2021-22 (at current prices) is projected to be Rs 8,76,283 crore. This is 7% higher than the revised estimate of GSDP for 2020-21 (Rs 8,22,023 crore). In 2020-21, GSDP is estimated to be 16% lower than the budget estimate.
- Total expenditure for 2021-22 is estimated to be Rs 2,11,873 crore, a 22% increase over the revised estimates of 2020-21.
- Total receipts (excluding borrowings) for 2021-22 are estimated to be Rs 1,28,730 crore, an increase of 38% as compared to the revised estimate of 2020-21. In 2020-21, total receipts (excluding borrowings) are estimated to fall short of the budget estimate by Rs 21,537 crore (decrease of 19%).
- Revenue deficit for 2021-22 is estimated to be Rs 16,910 crore, which is 1.93% of the GSDP. In 2020-21, revenue deficit is estimated at Rs 24,206 crore against the budget estimate of Rs 15,201 crore (59% increase).
- Fiscal deficit for 2021-22 is targeted at Rs 30,698 crore (3.5% of GSDP). In 2020-21, the revised estimate for fiscal deficit is expected to be 4.25% of GSDP, higher than the budget estimate of 3% of GSDP.
- Taxation: Kerala flood cess (1% of GST) will not be levied after July 2021. Further, the tax: (i) on liquid and compressed natural gas (LNG and CNG) will be reduced from 14.5% to 5%, and (ii) on newly registered electric vehicles will be reduced by 50% for next five years. For property transactions, the stamp duty will be reduced from 8% to 4% and the registration fee will be reduced from 2% to 1%.
- Employment: Schemes will be initiated to provide jobs to: (i) at least 20 lakh professionals within five years, and (ii) at least two lakh people who took a break from professional jobs in 2021-22. A skill mission will be formed to train an estimated 50 lakh youth.
- Eco-friendly construction of building: A policy to encourage eco-friendly construction of buildings will be formulated. The incentives for adherence to the standards include: (i) 10% reduction in electricity tariff for five years on achieving 20% power saving, (ii) 20% reduction in local building tax, (iii) 50% reduction in one-time building tax, and (iv) 1% reduction in stamp duty during the transaction.
- Higher education: Rs 2,000 crore will be given as financial aid for infrastructure development of universities. Rs 1,000 crore will be spent on financial aid for affiliated colleges. In colleges, 20,000 more students will be accommodated by 10% increase in seats, launching new courses and research facilities.
- Industrial corridors: Construction of three industrial corridors (Kochi-Palakkad, Kochi-Mangalore, and Capital City Regional Development) involving investment of about Rs 50,000 crore will begin in 2021-22.
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