Thiruvananthapuram: Finance Minister Thomas Isaac said that KIIFB has modified the outlook towards the state. He made the comment about KIIFB during the budget presentation session in the Assembly.

Thomas Isaac, who said that the state will be able to overcome the financial crunch, prepared the 2016-17 budget after taking into account the impact of Gulf crisis and recession in the state. However, during that period, Isaac alleged that the Union government implemented Demonetization which has pulled the economy backwards.

It was in this context that the state government decided to take a loan of Rs 50,000 crore through KIIFB. Even though the law regarding this was passed by the Assembly, many voiced their apprehension and said that such a big and complex project will be restricted to a day dream. But today, more and more projects are being sanctioned through KIIFB. KIIFB has approved Rs. 35,268 crores for 675 projects.

Rs. 14,275 crores have been sanctioned for land acquisition connected with the setting up of commercial parks, Rs. 5324 crores have been sanctioned for acquiring the land required for National Highway Development. The total estimate of projects approved by KIIFB stands at Rs. 54,678 crores, out of which the tender for projects worth Rs. 13,617 crores have already been called. Projects worth Rs. 4500 crores have already been completed.