CPI(M) Central Committee member and Kerala’s Finance Minister, Dr. T.M. Thomas Isaac is presenting Kerala Budget 2019 at the Kerala Legislative Assembly now. This is the 10th Budget presented by the two-time Finance Minister Dr. T.M. Thomas Isaac. The budget presentation will begin at 9:00 AM. Kerala Budget 2019 will provide a clear picture about the projects the government will be implementing to rebuild Kerala after one most the most devastating floods the State has ever witnessed.
Earlier, Dr. Thomas Isaac said in a Facebook post that he had prepared each Budget with the perspective of strengthening and driving forward the discussions on Kerala’s development. The approach was not a mere presentation of expenditure allocation and allocations to the departments. “Kerala Budget 2019 too, will raise the debates on development to a new level,” he added.
The Finance Minister said that the growth rate estimated for the financial year 2018-2019 was not achieved as a result of the Kerala floods, and Goods and Services Tax implementation. In the coming financial year too, Kerala’s economy is expected to face a similar situation. The expected growth rate, therefore, will be 1.5% lesser than estimated. The budget will also take up the challenge of reducing the fiscal deficit and revenue deficit, but without reducing government expenses in various welfare schemes initiated by the Kerala Government after Left Democratic Front sworn into power.
Kerala Budget 2019 will have proposals to impose a 1% cess, in addition to GST, on all items. It is expected that all essential commodities which are under the 5% GST slab, will be exempted from the cess. However, a clear picture of this will be revealed only in the budget.
The debate on the Kerala Budget 2019 will begin on February 4 at Kerala Legislative Assembly. The Budget discussions will continue on 5 and 6. Discussions and voting on Vote on Account will be held on 7 February 2019.
Dr. Isaac notes that Kerala’s perspective on fiscal policy is different from the neoliberal policy that is being followed by the centre. This is a budget for the creation of a new Kerala, Dr. Thomas Isaac, says. He ends with a rendition of the lines from ‘Maattuvin Chattangale’ (Change the rules), an iconic poem by the great Malayalam poet Kumaran Asan.
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