Kerala budget has nothing much for non-resident Keralites

(Credit: IANS) Non-resident Keralites (NRKs) appear to have received scant attention from Finance Minister Thomas Isaac, who presented the state budget in the assembly on Friday.

There is nothing significant for them in 2010-11 budget as Isaac has set aside just Rs.six crore for the Non-Resident Keralites' Affairs Department for its activities.

Isaac said urgent measures would be taken to make the activities under the non-residents' welfare fund more effective and that the already announced special loan scheme of the Kerala Financial Corporation for the NRKs would be re-organised.

Isaac allocated Rs.two crore to set up Malayalam Mission, which is aimed at acquainting children of NRKs with the Malayalam language and culture of Kerala.

At present, there are more than two million NRKs settled outside the country. A majority of them are in the Middle East. And over the years, their remittances have crossed Rs.25,000 crore, comprising about 20 per cent of the state's net domestic product and 30 percent more than the state's annual receipts.

In his budget speech, Isaac said that due to various reasons, INKEL, a joint venture meant to attract investments from NRKs for the industrial sector, had not taken off as expected.

"In the current year, the shortcomings will be rectified and the implementation of some of the ventures will begin. About 15 detailed project reports are being prepared. Rs. three crore has ben set aside for the purpose," he said.

One of Isaac's pet project hanging fire for long is the opening of branches of the Kerala State Financial Enterprise (KSFE) in the Middle East. The KSFE is into chit fund business for long.

"The major step in 2010-11 is to form subsidiaries for chitty in foreign countries," Isaac said.