KERALA BUDGET 2015 PDF
olhon.info,Hon'ble Minister for Finance,olhon.info Kerala presenting the Kerala Budget for before the Kerala Legislative Assembly on. BUDGET DOCUMENTS BUDGET SPEECH (MALAYALAM) DETAILED BUDGET ESTIMATES OF REVENUE Website of Finance Department, Government of Kerala, India. file icon Budget Speech Malayalam olhon.info! Tooltip 03/13/ Hits:
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This is the fifth budget of this Government and the thirteenth to , the growth rate of Kerala's Domestic Product has been well. This section provides budget documents of Kerala for the year preface. 1' Sir, t am presen,,nn the budget of state of Kerala for . Besides providing pension to all eligible persons, a contributory.
He said, the government has identified aspirational districts taking various indices of development in consideration for making them model districts of development. A sum of Rs. It is proposed to set a target of Rs.
Employment Generation Reiterating that creating job opportunities is at the core of Government policies, Finance Minister cited an independent study as showing that 70 lakh formal jobs will be created this year. The Budget proposed an outlay of Rs. Infrastructure and Financial Sector Development Emphasising that infrastructure is the growth driver of economy, the Finance Minister estimated that investment in excess of Rs. He announced increase of budgetary allocation on infrastructure for to Rs.
The Government has made an all-time high allocation to rail and road sectors and is committed to further enhance public investment. The Prime Minister personally reviews the targets and achievements in infrastructure sectors on a regular basis. To further boost tourism, the Budget proposes to develop ten prominent tourist sites into Iconic Tourism destinations by following a holistic approach involving infrastructure and skill development, development of technology, attracting private investment, branding and marketing.
Railways Railways Capital Expenditure for the year has been pegged at Rs. A large part of the Capex is devoted to capacity creation.
Work on Eastern and Western dedicated Freight Corridors is in full swing. Adequate number of rolling stock — wagons, coaches and approximately locomotives are being procured during Over kms of track renewal is targeted during the current fiscal.
Redevelopment of major railway stations is being taken up.
A suburban network of approximately kilometers at an estimated cost of Rs. Air Transport The Budget proposes to expand the airport capacity more than five times to handle a billion trips a year under a new initiative - NABH Nirman. The Budget doubled the allocation on Digital India programme to Rs crore in To further Broadband access in villages, the Government proposes to set up five lakh wi-fi hotspots to provide net connectivity to five crore rural citizens.
The Finance Minister allocated Rs.
Defence Recognizing the sacrifices made by the Armed Forces in meeting the security challenges, the Finance Minister proposed development of two defence industrial production corridors.
Shi Jaitley announced that a scheme will be evolved to assign every individual enterprise in India a unique ID, on the lines of Aadhar.
Disinvestment The Finance Minister announced that disinvestment target of Rs. He set disinvestment target of Rs. The Finance Minister announced that a comprehensive Gold Policy will be formulated to develop gold as an asset class.
Five charts that explain the crisis in Kerala’s economy
The Government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country. Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account. The Budget proposes to revise emoluments to Rs.
These emoluments were last revised in With regard to the emoluments paid to the Members of Parliament, the Finance Minister proposed necessary changes to refix the salary and allowances with effect from April 1, The Revised Fiscal Deficit estimates for were put at Rs.
Presenting his direct tax proposals, the Finance Minister said that attempts to reduce the cash economy and increase the tax net have paid rich dividends. The growth rate of direct taxes in financial years and have been significant, he said.
The growth of direct taxes in financial year was The Finance Minister also said that there has been a huge increase in the number of returns filed by tax payers.
The number of Effective Tax Payers has increased from 6. Shri Jaitley has proposed percent deduction to companies registered as Farmer Producer Companies with an annual turnover upto Rs. In order to encourage creation of new employment the deduction of 30 percent Under Section JJAA with a further relaxation to days in the case of the apparel industry, has been proposed to be extended to the footwear and leather industry. The Finance Minister has also proposed to rationalise the deduction of 30 percent by allowing the benefit for a new employee employed for less than the minimum period during the first year, but continues to remain employed for the minimum period in the subsequent year.
Turning to the real estate sector, the Finance Minister has proposed that no adjustment shall be made in respect of transactions in immovable property, where the Circle Rate value does not exceed 5 percent of the consideration. This would minimize hardship in real estate transactions. In fulfilment of the promise to reduce the corporate tax rate in a phased manner, Shri Jaitley has proposed to extend the reduced rate of 25 percent currently available for companies with turnover of less than 50 crore in Financial Year , also to companies reporting turnover up to Rs.
This would benefit the entire class of micro, small and medium enterprises, which account for almost 99 percent of companies filing tax returns, he said. The estimated revenue forgone during Financial Year will be Rs. This lower corporate income tax rate would leave such companies with higher investible surplus, which would create more jobs.
The Budget proposals also seek to provide relief to salaried tax payers by allowing a Standard Deduction of Rs. However, transport allowance at enhanced rate is proposed to be continued for differently abled persons. Further, it is also proposed to continue medical reimbursement benefits in case of hospitalization etc. Sathasivam Thomas Issac Revenue growth Commercial taxes Cash reserves Bengaluru: The stark reality about Kerala is that there are no funds left in the state treasury for capital expenditures like construction of roads or bridges, Kerala governor P.
Sathasivam said, while addressing the maiden session of the 14th state assembly on 24 June. In this context, the expectations are unusually high from economist-turned-politician and Kerala finance minister Thomas Issac, who will present the first budget of the Left Democratic Front, which won the May assembly election in Kerala, on Friday. Ahead of the budget, the minister tabled before the house a white paper on the state economy last week, which says the finances of Kerala are in dire straits.
A close look at the white paper shows what went wrong in the economy of Kerala, a state that is otherwise known for high levels of prosperity in many ways.
Kerala Budget 2015-16
Interestingly, this is despite the significantly higher Central funding the state received in the last few years because of the devolution of funds for states as per the 14th Finance Commission. Slow growth of commercial taxes receipts Expand High levels of tax collection are actually what sustains the coffers of Kerala, as per the finance department.
Huge increase in non-plan expenditure Expand Despite the inability to generate high levels of revenue, Kerala seems to be spending way out of its pocket. The white paper points out the high levels of non-plan expenditure as an indicator of this trend. Between and , the non-plan expenditure of the state, after leaving out salaries, interest and pension—which are committed liabilities—was at the highest levels in the last decade, it said.Accordingly, it is proposed to be applicable for income of the financial year A.
The proposed Standard Deduction will help middle class employees even further in reducing their tax liabilities. I am glad to announce that the first phase of GIFT will soon become a reality. I also propose to merge the Forwards Markets Commission with SEBI to strengthen regulation of commodity forward markets and reduce wild speculation. An ambitious Soil Health Card Scheme has been launched to improve soil fertility on a sustainable basis.
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