Funds insufficient to meet state needs: KCCI

KOCHI: The fund allotted to various sectors and developments schemes are insufficient given the current financial resources available to the State, though the Budget focuses on growth in almost all sectors and economy, said the Kerala Chamber of Commerce and Industry chairman K N Marzook.“There is a largescale increase in the allotment of funds in key areas such as agriculture, industry, tourism, IT, education, infrastructure. Special emphasis is given for the promotion of entrepreneurship and public  private participation. The decision to conduct ‘Emerging Kerala’ in every two years should also be appreciated,” he said. Marzook said that proposals for additional skill development programme, rice bioparks, coconut bioparks, greenhouse projects, development of Vizhinjam terminal, Kannur airport,  speed up the bypass projects in Kollam, Alappuzha and Wayanad Churam, Calicut Mono rail, development study of Trivandrum- Kasargod High Corridor project were indeed welcome steps. However, Marzook feels that an increase of Vat from 4 to 5 percent and increase in the excise cess may create adverse impact on inflation though the Finance Minister has reduced the Vat Tax percentage in essential food communities to 1 percent. “Similarly to increase the tax rates in the sale of motor vehicles may create a panic in the automobile sector,” the KCCI chairman said