The final budget of the second Pinarayi Government by Finance Minister K. N. Balagopal will be the 27th budget of Kerala. It is his fifth budget, as he has presented four budgets since he became the current finance minister. The revenue and expenditure estimates are expected to be one lakh crore rupees each. The previous budget, presented by Balagopal, showed a revenue shortfall of one lakh crore rupees, which became the largest deficit in Kerala’s history. The historic "single-budget" label was also associated with Kerala in the past. The state’s budget history includes the famous 'mischievous' budget presented by K.
M. Mani, the longest-serving finance minister. Mani’s bold budget, a surprise to both economic experts and political leaders, initially left many in disbelief. In fact, the 2011-12 budget of K. M. Mani caused a gigantic stir in Kerala and caught not only the political leaders but the masses by surprise. Since then, that budget has been remembered as the "game changer." Not too many would remember it for only the fiscal targets but for the sharp contours it created in Kerala's political narrative. Balagopal's budget presentation will go down in history as a defining moment for Kerala's economy.
State legislature records show that the budgetary discussion has been made more holistic and forward-looking with digital age considerations also in play. K. N. Balagopal presented a paperless budget in Kerala, one of the first ones to be available digitally for public access. It is one of the major changes the state government is taking toward a more transparent and technology-driven approach. Thomas Isaac was another prominent finance minister of Kerala, who had presented the budget under the first Pinarayi government. The budget presentation was a record one, as Thomas Isaac spoke for three hours and presented a lengthy address that showed his deep understanding of economic strategies and reforms. As usual, significant literary references were also there in the budget speech, underlining Kerala's cultural legacy.
Over the years, several prominent leaders have presented the state budget, including U. M. N. (Oommen Chandy), V. S. Achuthanandan, and E. K. Nayanar. These leaders were finance ministers before becoming Chief Ministers, and their contributions to Kerala's fiscal policy have shaped the state's budgetary planning. However, the state's future budget strategies are expected to focus on modernization, such as addressing economic challenges with a growing population and rapidly evolving global trends.
The budget is expected to outline the financial roadmap that the current administration will follow to navigate post-pandemic recovery, bolster infrastructure, and prioritize social welfare programs. In this process, a continued focus on improving the economic condition of marginalized sections of society is also a priority. Balagopal's leadership in the finance department reflects Kerala's commitment to achieving inclusive economic growth while maintaining fiscal discipline.