Amid concerns of a downturn in the Gulf economy and the resultant threat of return of expatriates, the State budget presented by Finance Minister T.M. Thomas Isaac appears to provide some succour for the rehabilitation of the Non Resident Indians (NRIs) returnees.
The Budget has decided to earmark ₹90 crore for NRIs welfare, a quantum jump from the allocation of ₹30 crore last fiscal. This apart, it also pointed out that an additional ₹36 crore had already been allotted for Non Resident Keralites Affairs (NORKA).
Hailing the proposals, K.V. Shamsudheen, chairman of the UAE-based Pravasi Bandhu Welfare Trust, said the government had finally realised the importance of NRIs and their remittance towards the growth of the State.
He said the proposal to moblise ₹20,000 crore via KIIFB and the Pravasi Chitty would give a stimulus to the sagging economy.
The proposal under consideration is a merger of the welfare pension scheme drawn up by NORKA Welfare Board with investments in institutions like the KIIFB. As per this scheme, if ₹5 lakh or its multiples are invested, after five years, non-residents or their heirs will get a fixed amount as monthly income based on the investment.
Similarly, the deposit dividend scheme formulated by the KSFE to utilise the savings of the NRIs through Pravasi Chitty for the development of the State will be extended to other Gulf countries by the month of February and other countries later. At present, the Chitty had been started only in the UAE, the Budget said.
The amount obtained from Pravasi Chitty by way of security, floating money, and deposit of bidders will be deposited in the KIIFB bonds. Thus, the investors would have the right to suggest the KIIFB construction projects in which their investments could be utilised, it said.
A sum of ₹27 crore has been allocated for successfully running ‘Santhwanam Project’ aimed at providing financial assistance in emergency situations to non-resident returnees whose income is below ₹1.5 lakh. Previously, the cap was ₹one lakh.
Also, ₹18 crore has been set aside for providing capital and interest subsidy to non-resident entrepreneurs. Besides, the Kerala Non Resident Keralite’s Welfare Board will get ₹9 crore and the Norka Business Facilitation Centre and Pravasi organisations, ₹2 crore each.
The Budget has also come up with new proposals such as setting up a care-home scheme or ‘Garden of Life Project’ for senior citizens of NRI families. Others include setting up a 24-hour helpline and legal aid cell at the cost of ₹3 crore.
A sum of ₹1.5 crore has been allotted for airport ambulance and airport evacuation facilities. Now onward, NoRKA will meet the expense to bring home bodies of Keralites who expired in the Gulf countries.