Traditional industries that are facing headwinds created by the COVID-19 pandemic have received a major boost in the Kerala Budget for 2022-23. Fund allocation for the coir industry has been increased to ₹117 crore, a rise of ₹5 crore from the previous Budget. Presenting the Budget on Friday, Finance Minister K.N. Balagopal said the coir sector would be made capable of meeting the global demand of diversified coir products of superior quality withstanding price competition from other fibre products. An amount of ₹42 crore is earmarked for the purpose. This includes ₹10 crore for public sector units, ₹12 crore for the cooperative sector and the rest ₹20 crore for entrepreneurs. The Budget proposes measures for direct procurement of raw materials used in the making of coir products. In order to ensure price stability of coir fibre, yarn and coir products, a sum of ₹38 crore is earmarked under the Price Stability Fund. An amount of ₹10 crore is set aside for marketing, publicity and conducting trade exhibitions, while ₹8 crore is provided for research and development activities. Cashew sector In the cashew sector, an amount of ₹7 crore is earmarked for the revival of small and medium-scale factories. The assistance will be provided in the form of work capital, capital grants for modernisation and interest subvention. Another ₹30 crore is set apart to revitalise the cashew industry by providing subsidies to loans and implementing incentive schemes for generating employment. Besides, an amount of ₹58 crore is allocated for the sector. This includes ₹6 crore for Kerala State Cashew Development Corporation, ₹4 crore for Capex, ₹7.15 crore for Kerala State Agency for Expansion of Cashew Cultivation and ₹40.85 crore for the Kerala Cashew Board. All these projects will help operationalise the private cashew industry sector at full throttle, said Mr. Balagopal. An amount of ₹16.10 crore is allocated for the comprehensive development of Khadi industries. Mr. Balagopal said a plan would be prepared for strengthening existing khadi silk weaving units.