Kerala budget: Isaac sets aside Rs 80 cr for Loka Kerala Sabha

THIRUVANANTHAPURAM: The mortal remains of expats will be flown home free of cost by Non-resident Keralites Affairs (Norka), said finance minister T M Thomas Issac.


Earmarking Rs 81 crore for activities for the welfare of NRKs in the budget, Isaac said Loka Kerala Sabha (LKS) and its activities were ‘a turning point in

investment and

their welfare and in strengthening the relationship between the NRKs and their native land’.

An amount of Rs 25 crore has been earmarked for ‘

Santhwanam

Project’ to provide financial assistance in emergency situations to returnees who have income below Rs 1lakh,. A total of Rs 15 crore has been allocated to provide capital and interest subsidy to non-resident entrepreneurs and Rs 5 crore for LKS and Global Pravasi Festival.

Norka welfare board, Isaac said, has formulated a deposit dividend scheme for NRKs following criticism that the monthly pension of Rs 2,000 is inadequate. “As per the scheme, if Rs 5 lakh or its multiples are invested, after five years, non-residents or their heirs will get a fixed amount as monthly income.”

“Interest obtained by investing the deposit amount in institutions like KIIFB will be given as dividend. Providing financial assistance, by merging welfare pension with this scheme is also considered,” the finance minister said.

Similarly, KSFE has started Pravasi Chitty to utilise the savings of NRKs for the development of the state, Isaac said. “The amount being obtained from Pravasi Chitty by way of security, floating money and deposit of bidders will be deposited in KIIFB bonds. Chittals will have the right to suggest, for which KIIFB construction projects their investments must be utilised. Pravasi Chitties will have a decisive role towards fund mobilization of KIIFB in 2019-20,” he said.

Currently covering the NRKs in UAE, the Pravasi Chitti will be extended to other Gulf countries this month itself. “After a few months, it will be possible to join the chit from any country in the world,” he added. A model Global Kerala Centre will be set up at

Mavelikkara

on the five acre owned by Norka. Based on its success, more such centres will be set up across the state in future, Isaac said. The budget also allotted Rs 9 crore for the

NRK

welfare fund and Rs 15 crore for the rehabilitation of returnees.