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Wednesday, November 29, 2023

Kerala’s Left Government acknowledges ‘huge financial crisis’ amid Keraleeyam celebrations, casting doubts on ‘progress’

“Kerala’s Left Government acknowledges ‘huge financial crisis’ amid Keraleeyam celebrations, casting doubts on ‘progress'”, Swarajyamag, November 2, 2023:

“In a surprising admission, the ruling left government in Kerala has acknowledged facing a “huge financial crisis,” as revealed in an affidavit presented to the High Court. The affidavit was filed in response to a case related to repaying a depositor of the Kerala Transport Development Finance Corporation (KTDFC) Limited. The government’s affidavit stated, “Our state is now passing through a phase of financial constraints. Any monetary benefit has to be allowed within the financial resources available with the government”, as reported by NDTV.

However, this submission did not receive a favorable response from the High Court, which questioned whether Kerala was indeed in a state of financial emergency. The state’s affidavit also suggested a potential solution to the financial woes, indicating that the KTDFC and the Kerala State Road Transport Corporation (KSRTC) could mortgage or sell some of their immovable properties, valued at approximately Rs 1,000 crore, to outside parties or government agencies. Despite admitting its financial challenges, the government pointed out that it had disbursed Rs 8,440.02 crore to KSRTC for various expenditures from 2018-19 to 15 October, 2023.

However, it emphasised that while it supports Public Sector Undertakings, including KSRTC, it is not legally obligated to provide financial assistance for their day-to-day affairs. This revelation comes amidst the Keraleeyam 2023, a week-long celebration announced by the left government to showcase Kerala’s progress, achievements, and cultural heritage to the world, which began on Wednesday. However, the Congress-led UDF opposition has chosen to boycott the event, alleging extravagant expenditure by the left administration during a period when the state is grappling with a significant financial crisis…..”

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