Kerala Earmarks Rs 100 Crore for Supplyco Market Intervention

Kerala Finance Minister K N Balagopal announced a Rs 100 crore allocation to Supplyco for market intervention, aimed at reducing prices of essential commodities by 35%. Part of a total Rs 205 crore budget, this initiative is expected to benefit the public ahead of the Onam festival season.

Kerala Finance Minister K N Balagopal on Monday revealed that the state government has allocated Rs 100 crore to the State Civil Supplies Corporation (Supplyco) for market intervention initiatives. This funding will be used to reduce the prices of essential commodities by 35% through Supplyco stores, directly benefiting the state's residents.

The allocation is a part of the larger Rs 205 crore budget earmarked for market intervention in the current fiscal year, the minister added in a press release. This strategic move aims to offer relief to consumers in the lead-up to the Onam festival season.

Last year, the government allocated Rs 205 crore for identical purposes but eventually spent Rs 391 crore. Established in 1974, Supplyco plays a key role in regulating the retail markets and stabilizing the prices of essential goods in Kerala.

(With inputs from agencies.)