Kerala Budget: 'Assured' pension scheme to replace NPS, allowing foreign and private universities and increase in liquor price

The CPM had once opposed private and foreign investments in the higher education sector.

Thiruvananthapuram: A new 'assured' pension scheme addressing concerns of employees over NPS, wooing private and foreign universities to Kerala to plug the flow of students to foreign countries and increase in liquor prices were the key proposals in the Kerala budget for 2024-25 presented by finance minister K N Balagopal on Monday.

The minister has said that the government is planning to review the NPS and implement a revised scheme that will provide security to the employees. The revised scheme will be formulated to implement an 'assured' pension system. New schemes of similar nature in other states will be studied.

In a bid to plug the flow of students to foreign countries for higher education, the left-front government in Kerala has decided to explore the opportunity of establishing foreign university campuses in Kerala.

Forming a higher education investment policy, setting up single window clearance facility, conducting regional conclaves in Europe, USA, Singapore and Gulf countries are among the initiatives to woo private and foreign universities to Kerala.

The CPM had been opposing private and foreign investments in the higher education sector. Hence, the present move towards welcoming private and foreign universities assumes significance.

The minister said that 13.2 lakh students from Kerala went abroad for studies in 2022, which is four percent of the total Indian students going abroad for studies.

The cash-strapped state decided to impose a gallonage fee of Rs. 10 per litre on Indian made foreign liquor as a revenue generation measure even as no increase in welfare pensions were announced. The budget also proposed revision of fair value and tax of land. Support price of rubber will be increased from Rs. 170 per kilogram to Rs. 180.

The state also pins high hopes on the Vizhinjam international seaport which is expected to be commissioned by May.

Balagopal said that programmes to attract investments to the tune of at least Rs. 3 lakh crore in various sectors within the next three years were being planned.  An international investors meet will be held and Special Development Zones (SDZ) on the lines of development zones conceived in China during the late 1970s would be set up.

Accusing the center of neglect towards the state, the finance minister also said that the state need to chalk out a Plan-B inorder to ensure that the welfare and development initiatives were not affected by centre's neglect.

Opposition leader V D Satheesan of the Congress reacted that the budget speech was just a political speech and it contained no realistic proposals.