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State announces Rs 12,000 crore stimulus package

State announces Rs 12,000 crore stimulus package

Thiruvananthapuram: Finance Minister Dr. T.M Thomas Isaac Friday announced a stimulus package worth Rs 12,000 crore to tide over the deep financial crisis.

Announcing the state Budget for 2016-17 in the state Assembly, Isaac said a sum of Rs. 2,500 crore would be utilised during the current financial year itself.

"The necessary funds will be raised through the Kerala Infrastructure Investment Fund Board (KIIFB) issuing bonds, raising term loans from banks and creating funds that have the approval of RBI and SEBI," he said.

He also said there would not be any creation of new posts in government services and new institutions in the next two years in view of the financial crisis.

“An additional sum of Rs 8,000 crore will be utilised for land acquisition for major roads and other infrastructure development projects,” the finance minister said.

“A special deposit scheme would be introduced to mobilize the fund for the second stimulus package,” he said.

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