The statefinance ministerinformed the assembly that the total debt ofKeralastood at Rs 3,32,291 crore; the liability doubled during the 2015-16 period. However, despite the pandemic situation here, the Growth rate was 88.66% in 2020-21 compared to that of 2015-16.
In the absence of finance ministerKN Balagopal, ministerK Radhakrishnangave replies to queries. He said that despite all financial constraints, the did not compromise on development projects and welfare schemes.
The Centre had provided a loan of Rs 1,471 crore during the 2019-20 period and had increased the borrowing limit in the subsequent two financial years. The negative growth during the pandemic was the key reason for the present financial crisis. Earlier, the Centre had cut down the borrowing limit of the state and only during the pandemic a relaxation was given.
As per the medium-term Fiscal Policy and strategy statement, the domestic production will show a two-digit increase from the present financial year. As a result, the state should show an improved performance in tax and non-tax revenue this year.