7th Pay Commission: Employees In Kerala To Get One-Time DA Hike, Says FM Balagopal
Kerala Budget 2024: KN Balagopal revealed that one instalment of DA for government employees and pensioners will be distributed in April 2024
In a significant development amid Kerala's ongoing economic recovery, the state government unveiled its Budget for the fiscal year 2024 on Monday. Finance Minister KN Balagopal in his Budget speech promised updates for state employees and pensioners. Balagopal revealed that one instalment of Dearness Allowance (DA) for government employees and pensioners will be distributed in April 2024.
Alongside the DA adjustment, the finance minister introduced a guaranteed pension scheme for employees, intending to reassess the current contributory pension plan. However, he emphasised that there would be no augmentation in social security pensions.
The Economic Review report, presented in the Kerala Assembly on February 2, underscored a consistent economic upturn for the state during 2022-23. The report revealed a 6.6 per cent upsurge in Gross State Domestic Product (GSDP) at constant prices, indicating stable economic growth.
In his Budget speech, Balagopal said that the state plans to bring in investment worth Rs 3 lakh crore in the next three years. He said that Kerala has been at the forefront in the country and was moving forward steadily. The minister also blamed the Centre's economic policies and alleged neglect of Kerala for the southern state's financial problems.
The Budget allocates a substantial sum of Rs 1,698.30 crore to bolster the struggling agriculture sector. Notably, the minimum support price for rubber has been increased from Rs 170 to Rs 180, a move aimed at providing relief to rubber farmers grappling with economic challenges.
Addressing pressing social issues, Balagopal earmarked Rs 50 crore for extreme poverty eradication initiatives and announced a budget of Rs 134.42 crore for the cooperative sector. This budget marks the fourth fiscal plan presented by the second Pinarayi Vijayan government.
Despite acknowledging the economic crunch faced by the state and alleged financial constraints imposed by the Centre, Balagopal affirmed the government's unwavering commitment to development initiatives. He emphasised that the LDF government remains steadfast in its pursuit of progress.
Highlighting the state's developmental trajectory, the finance minister outlined ambitious plans to attract investments totaling Rs three lakh crore over the next three years. Specifically, Rs 1,698 crore has been allocated to bolster the traditional agricultural sector, while investments worth Rs 5,000 crore are targeted for the tourism industry. "The tourism sector is witnessing significant growth," Balagopal added, as he announced an allocation of Rs 351 crore for the sector.
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