Finance Minister K. N. Balagopal on Saturday stressed the need for private investment to go up for revving up the economy.
Mr. Balagopal was speaking at a pre-budget interaction with media persons. He said it would be good if individuals and institutions can channelise investments to boost production in the State.
(It may be noted that the Governor’s policy address to the State Assembly had mentioned a clutch of initiatives to boost private investment in areas like higher education, waste management, industry, employment and renewable energy.)
Mr. Balagopal reiterated that the State was facing a “financial embargo-like” situation on account of the unfriendly fiscal policies of the Union government. Mr. Balagopal observed that the State budget is to be presented in the context of these constraints.
Kerala has experienced a reduction of ₹ 1.07 lakh crore in its gross borrowing limit in the past few years. In the past one year alone, the State has been deprived of over ₹50,000 crore, he pointed out.
The Finance Minister is scheduled to present the State Budget for the 2024-25 fiscal on February 5.
