(Online Desk)

Kerala Finance Minister Thomas Isaac today presented the state budget 2018-19, the second full-fledged one of the Pinarayi Vijayan government.

During his budget speech, Isaac said, "Demonetisation was an 'Ockhi' (cyclone) on the economy. End consumers are not getting the actual benefits of GST as corporates are making the most out of this."

The Finance Minister announced Rs 2000 crore package for coastal areas following Cyclone Ockhi, while allotting Rs 600 crores to the fisheries sector.

He had earlier hinted austerity measures have become unavoidable considering the fiscal position of the government. He said drastic measures were needed to reduce the gap between revenue and expenditure.

The 2018-19 budget also has the distinction of being the second early full budget in the state to be presented before March 31, close along the lines of the Union Budget.