KOCHI: Finance Minister Dr TM Thomas Isaac will unveil the Budget for the 2018-19 fiscal year on Friday, and the commercial capital of Kerala is expecting increased allocation in key areas such as infrastructure, and a slew of incentives for industrialists. Heads of industry bodies and people’s representatives in Ernakulam are pinning their hopes on Isaac’s words; the hope is this year the government will give equal importance to infrastructure development and social security.
If the aftereffects of demonetisation hit the industrial sector in Kochi hard during the first quarter of 2017, the rollout of GST and the confusions over its implementation affected business in the succeeding quarter.
“If we take the sales tax chart, we can see the most revenue generating place in Kerala is Kochi,” said Antony Thomas, chairman, Kerala Chamber of Commerce and Industry. “The city contributes 65 per cent of the total revenue to the state Exchequer. We are not forgetting the major chunk of contribution by Kochi Refineries Ltd. However, Kochi never was given due consideration in any of the previous budgets by any government.”
He said with no ministers from Ernakulam district in the present cabinet, the MLAs have a major role to play. “We hope during the pre-Budget sessions they have presented the requirements and key areas which need urgent focus. According to the Chamber, the key area which needs a thrust is infrastructure development.
Kochi Metro was implemented as a total solution to the transport requirements of the city. But if we need to reap the full benefit of the project, then the related infrastructure facilities should also be improved. Roads, footpaths, feeder services and water transport should be upgraded. Otherwise, KMRL will not be able to fully implement its plan for launching a single-ticketing system in which a passenger can travel in various modes of transport using a smart card,” said Antony.He also said another project which requires urgent focus is SmartCity Kochi. “It is one of the key areas which requires urgent attention. We all knew that how far are we behind in the completion of this dream project of the city,” said Antony.