‘Kerala facing unprecedented financial crisis,’ says finance minister KN Balagopal
Alleged distorted financial policies of the Centre and the Covid-19 pandemic were responsible for the situation, the minister said.
Kerala Finance Minister KN Balagopal on Tuesday said that the state is facing an “unprecedented financial crisis”, PTI reported.
He attributed the situation to the alleged distorted financial policies of the Centre, the Covid-19 pandemic and recurring natural disasters in the state.
“It is true that the state is facing an unprecedented financial crisis,” Balagopal said in the Assembly. “However, the reasons contributing to the crisis are beyond the control of the state…that is the fact.”
Balagopal further informed the House that there is a deficit of Rs 6,716 crore in revenue allocated to the state from the Centre for 2022-’23, compared to last year.
He, however, added that the financial stress was a “passing phase” and assured that the state will overcome it soon, reported the Hindustan Times.
“The Left government is trying to overcome the crisis through a strict financial discipline by strengthening the tax collection, avoiding the unwanted expenses and keeping it to the minimum,” Balagopal said, according to PTI.