K N Balagopal, the finance minister for Kerala, claimed that the state is experiencing an unprecedented financial crisis and blamed this on the “distorted” financial policies of the federal government as well as the Covid-19 pandemic epidemic.
Kerala’s finance minister, K. N. Balagopal, claimed on Tuesday that the state is experiencing an unprecedented financial crisis and that the “distorted” monetary policies of the federal government, the COVID-19 pandemic, and frequent natural catastrophes are to blame.
However, the minister made it plain that the Left-leaning administration was going forward with a “clear road map” and budgetary restraint to get through the crisis and address the problems.
During the state Assembly’s Question Hour, he was responding to a query. “True, the state is experiencing a never-before-seen financial catastrophe.
However, the factors causing the crisis are independent of the state; this is a truth “explained Balagopal.
He informed the House that the revenue deficit grant (given to the state by the Center during the current fiscal year) decreased by Rs 6716 crore when compared to the previous fiscal year. But when asked if it had been determined that the state’s poor financial management was to blame for the current financial crisis, the minister gave a negative response.
He listed a number of factors that led to the current financial crisis in the southern state, including natural disasters, the COVID-19 pandemic, distorted policies from the Center, the hasty implementation of the GST, the delayed distribution of GST compensation, and the imposition of borrowing limit reductions by the union government.
The minister added that the Left government was attempting to get out of the crisis by maintaining strict financial control, boosting tax collection, and limiting unnecessary expenditures.
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