Kerala Budget 2023: Petrol, diesel prices to increase by Rs 2 per litre; check details

The state government is expecting an additional revenue of Rs 400 crore through Social Security Cess on IMFL while the cess on petrol and diesel sale is expected to bring in additional revenue of Rs 750 crore to the Social Security Seed Fund.

Kerala Finance Minister KN Balagopal on Friday (February 3) addressed the state Assembly and said that petrol and diesel prices will be hiked by Rs 2 per litre. The finance minister also announced that social security cess will be imposed on petrol, diesel and Indian Made Foreign Liquor (IMFL).

With this, the state government is expecting an additional revenue of Rs 400 crore through Social Security Cess on IMFL while the cess on petrol and diesel sale is expected to bring in additional revenue of Rs 750 crore to the Social Security Seed Fund.

Balagopal said Rs 100 crore would be set aside for welfare development programmes in the budget and that the financial constraints would not impact the welfare and social security schemes of the government.

"A total of Rs 2,000 crore will be allocated for tackling price rise in the state," he said.

Meanwhile, the finance minister also said that a total of Rs 600 crore would be set aside for rubber subsidy in the state budget and a separate Research and Development budget would be presented to give more focus in the R&D sector.

"An extensive industrial and commercial centre will be developed in the area around the under-construction Vizhinjam port," he said.

The minister further added that more focus would be given to the "Make in Kerala" projects to increase the state's domestic production and give a boost to employment and investment opportunities.