Thiruvananthapuram: Kerala's Finance Minister, K N Balagopal, on Friday, presented the budget for the 2022-23 financial year in the legislative assembly. The minister while presenting the budget has announced a hike of Rs 2 per litre in petrol, diesel prices.

The Finance minister said that the Centre's assistance to the state has been cut and a financial crunch is expected this year. He announced that Rs2,000 has been allocated by the government to check inflation. As of 3 February, 1 litre of petrol costs Rs107.71 and a litre of diesel costs Rs.96.52  in the state capital Thiruvananthapuram.

The budget allocated Rs.3400 crore to the KSRTC: The FM announces a special Research and Development budget as part of the thrust towards creating knowledge economy. He said the State has been making efforts to retain the youth in the State and minimise their migration to other countries.

He said that setting up a digital Science Park in Technopark, in the state capital Thiruvananthapuram will be over by May and said that construction of an IT park in Kannur will begin this year.

"Young people going abroad for education and employment and settle abroad. "Every year, the government spends Rs. 50000 on each student. Second-generation development initiatives call for the state government to improve living conditions and open up new employment opportunities to encourage youth to remain in the state "said the minister.

During the project's duration, Rs. 1000 crore would be allocated, said the the minister. Rs.100 crore has been earmarked for next year.

Kerala Budget 2023 LIVE: Rs1000-Cr allocated for Make in Kerala

Kerala Budget presentation on February 3