Kerala budget provides sops for diaspora

NRI-LOGOA revised budget presented in the Kerala assembly by state Finance Minister Thomas Isaac, includes an increased allocation for the diaspora.

Minister Isaac presented the ‘alteration memorandum’ as the Communist Party of India-Marxist-led Pinarayi Vijayan government assumed office in May this year.

Isaac said he is increasing the present allocation of just Rs.100,000 for the returning diaspora to Rs.100 million, which is to be paid out to the needy. He also decided to double to Rs.240 million the allocation in the scheme for rehabilitation of those who have returned.

Isaac also pointed out that on account of the slow down in the Middle East economy, the wealth of the diaspora may get affected, which is a cause for concern. They are also planning special parks where the diaspora can invest.

The increased allocation comes at a time when the economic conditions in Middle East countries is on the downswing in the wake of ailing oil prices. There could also be a loss of jobs and rapid localisation policies of employment being taking up in those countries.