Kochi, Mar 11 (PTI) The industry in Kerala on Friday welcomed the first complete budget of the second term of the Pinarayi Vijayan-headed government for the fiscal 2022-23 and said the financial allocation focussed on key engines of growth for an integrated development of the state. The Cochin Chamber of Commerce and Industry said it was "delighted" to note that the budget has considered its proposals presented to the Chief Minister and the Finance Minister as many of them got featured in it. The Federation of Indian Chambers of Commerce and Industry (FICCI), in a statement said the budget presented by Finance Minister K N Balagopal gave special focus on sectors such as knowledge-based economy, skilling, IT, start-ups, innovation and food processing. Balagopal on Thursday presented a futuristic budget of the Left government in Kerala, making significant allocations in IT, industries and infrastructure but without imposing huge tax burden on commoners despite acute financial crunch induced by the COVID-19 pandemic. Though some major tax announcements were generally expected to tide over the economic crisis, Balagopal chose to revise the Basic Land Tax, increase the fair value of land and motor vehicle tax and enhance the "green tax" imposed on old vehicles to mobilise an additional revenue of as much as Rs 350 crore, annually. Venkatraman Venkateswaran, Group President and CFO of Federal Bank, in a statement said the budget was tailor-made to suit the requirements of the state with focus on economic growth but the proposal to revise the basic Land Tax and revising the fair value without decreasing the stamp duty would detrimentally affect the real estate sector. "The state budget of Kerala is tailor-made to suit the requirements of the state with focus on economic growth while maintaining sustainable development. The roadmap is laid, now implementing the plans effectively would deliver results," Venkateswaran said Venkateswaran said the focus of the budget was on economic growth while maintaining sustainable development and effective implementation would deliver results. "The Chamber appreciates the special attention provided to the Startups. The Rs 200 crore allocation for setting up Translational Research Centres and Start-ups incubation centres in university campuses could pave the way for university campuses becoming hubs of innovation and employment generation," Chamber of Commerce and Industry, Kochi said in a release. The plan to prioritise start-ups in government procurements will give a huge market opportunity for the startups to grow, flourish and sustain, it said. "The state would witness a new IT revolution when the IT park in Kannur and the five lakh square feet facility in Kollam get inaugurated. The launch of Satellite IT Parks alongside NH would also provide a major boost to the sector. The focus on providing industrial support to agriculture also deserves special appreciation," the release said. The constitution of Value-Added Agricultural Mission and setting up of a marketing company on the model of CIAL will enable more market for agriculture products and thereby support the agriculture community in Kerala, the Cochin Chamber of Commerce and Industry said. FICCI Kerala State Council Chairman, Deepak L Aswani, appreciated the special focus on sectors such as knowledge-based economy, skilling, IT, Start-ups, innovation and food processing in the state budget. He said the budget integrated development of Kerala with focus on key engines of growth. "Increased outlay for start-up and incubation centers, proposal to set up 10 to 15 district skill parks, innovation park at Thiruvananthapuram, setting up of IT corridors, new IT parks at Kannur and Kollam, setting up 10 mega food processing parks, promotion of Industrial parks under private sector are welcome move," FICCI said in a release. It appreciated the renewed focus on the development of the Tourism sector and said the new thrust on the infrastructure development of minor ports in Kerala will be helpful for the business community. "The proposal to revise the basic Land Tax and revising the fair value without decreasing the Stamp Duty would detrimentally affect the Real Estate Sector which has been severely affected by COVID," FICCI said. M A Yusuff Ali, Chairman of the Lulu Group said the budget will revitalise the food security and overall development of the state. He said the industrial facilitation parks and private parks to improve the industrial growth will attract more investments in this sector. "The importance given to the tourism and IT sectors will attract more investments which in turn will create more job opportunities in Kerala. The allocation for the health sector will strengthen the public health sector in the stare," Yusuff Ali said in a statement. The first complete budget of Left government for the fiscal 2022-23 found a place in the history of the State Assembly as the first-ever paperless budget as Balagopal presented it through an i-pad. The budget allotted Rs 2,000 crore for the K-Rail project amid criticism that the recent Union Budget ignored the project. PTI RRT SS SS