Thiruvananthapuram | Reaffirming his claim that the state has survived the most intense phase of the economic crisis, Kerala Finance Minister K N Balagopal on Sunday said the state is set to achieve a two-trillion-rupee budget size despite various challenges posed by the Centre.

The annual expenditure for the financial year 2024-25 has exceeded Rs 1.75 lakh crore, with over Rs 26,000 crore spent in March alone, he told reporters here.

"The expenditure is likely to increase in the final figures. So, the numbers for this financial year confirm that Kerala is on track to reach a budget of two trillion rupees," Balagopal said.

Quoting figures, he stated that the state's own revenue is also rising, surpassing Rs 1 lakh crore.

The minister further said that own tax revenue is expected to cross Rs 84,000 crore, while non-tax revenue is estimated at Rs 15,632 crore as of March 27. These figures are likely to increase in the final estimates, he added.

Despite financial restrictions imposed by the Union government, the state's expenditure has grown significantly, he noted.

He also shared details of project implementation and expenditure under various schemes for the financial year 2024-25.

The minister said Rs 13,082 crore has been allocated for the distribution of welfare pensions. Two installments have already been paid, and three more will be provided in the coming financial year, he added.

While presenting the budget for the financial year 2025-26 in the Assembly in February, Balagopal stated that Kerala had survived "the most intense phase of the financial crisis without any of its welfare schemes or development projects being affected."

During the recently concluded Assembly session, he reiterated this claim, asserting that Kerala’s expenditure would exceed two trillion rupees in the coming financial year.

Senior Congress leader Ramesh Chennithala dismissed Balagopal’s claims in the House, pointing out that Prime Minister Narendra Modi, "who makes big claims," has only asserted that India would soon become a five-trillion-dollar economy. "Compare that to what Balagopal is claiming," he remarked.