Kerala Finance Minister Isaac hopes to boost state's economy through chit fund

Dr.Thomas Isaac, a central committee member of the Communist Party of India, became Finance Minister of Kerala when the state was struggling with a nervous economy.

With two major pillars of Kerala's economy -Rubber and gulf money- drying up, his tasks became complex in meeting emerging challenges.

However, Issac was determined to develop infra-structure of the state in a faster mode and raise Rs 50,000 crores within five years.

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"When we face unexpected challenges, we need to find unusual solutions. My attempt is to strengthen and renew Kerala Model of Development with high quality job creation in the state. For that we need to attract private investment in some core sectors like IT, tourism, value added product, etc.," Dr Isaac shared him dream with India Today.

BOOSTING A DISTRESSED ECONOMY

In an attempt to boost up the distressed economy of the state, Isaac decided to raise funds from outside. Subsequently, Cabinet meeting on July 27 approved an ordinance to make changes in Kerala Infrastructure Investment Fund Board (KIIFB) to raise funds to the tune of Rs 50,000 crore outside the budget.

Issac also hopes to attract Rs 25,000 crore from non-resident Keralites (NRK) chits in two years.

"Money is not the major problem. But how we utilize the money is the major challenge. When the utilization of money is effective, then development happens. But if it goes wasted, state ends up in debt trap and financial crisis as it happened in UDF term in Kerala. Colossal waste of public money, mismanagement of public finance and corruption reversed Kerala progress," Finance Minister pointed out.

Isaac who has a clean image in public life hates corruption. He had warned his officials that he would not tolerate corruption in Taxes Department. His warning improved tax collection during the last three months in the state. Now he is planning high tech screening in all check posts entry points in the state.

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Isaac always expresses his ideas without fear. He doesn't mind treading less known path if it brings changes. He supported GST bill when he found that it would be beneficial for a consumer state like Kerala. Now he is training his tax officials to handle the GST and improve tax collection.

He has already earmarked funds for developing Universities in the state as centre of excellence for research. Now Kerala government is looking at the possibility of offering short term research projects for NRIs who are working in foreign universities.

His idea of supporting 1000 best ideas for Start Ups with Rs 2 lakhs has created a positive responses in the professional college campuses. Now many student groups are working on the start ideas. He has promised that 50 top best ideas would be given loan of Rs2 crore each with no security.

"Ideas can bring rapid changes. We should support brilliant minds to work and establish themselves," he pointed out his philosophy behind supporting best initiatives.

MARXIST SCHOLAR

Certainly his life and academic brilliance make him different among Kerala politicians and his comrades. When he was a Student leader, he led trade union strike against his father's firm demanding increase in wages. Even after completing his post-graduation in economics, his idea was to join the trade union movement and work in Kalamassery industrial area. It was late AD Neelakandan who was SFI leader in Jawaharlal Nehru University influenced him to join Centre for Development Studies, Thiruvananthapuram to return to academic field.

"Neelakandan always insisted I should join for Mphil. One day he told me that he would take me to CDS campus Trivandrum. So me and few friends accompanied him from Ernakulam in a night bus to Trivandrum. When we were sleeping, the bus hit a lorry at Haripad. Comrade Neelakandan died on the spot. I met Dr. KN Raj, then director of CDS at his funeral and decided to join CDS," Isaac narrated the story of his return to academic field.

CDS changed and transformed him as a brilliant Marxist scholar. When Kerala decided to implement decentralised people plan programme, Isaac was deputed to head it. In 2001 CPI(M) offered him ticket to contest from Mararikulam. He improved his margin in every election and won the heart of his voters with novel ideas. He started campaigns for organic farming before government mooted organic planning policies. Now he is batting for effective waste disposal system.

"He is workaholic and sensitive. It's not easy to work with him. If you share his passion, it's great to work with him," said Gopakumar who has been working with him for more 15 years.

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