Thiruvananthapuram: Following the Onam celebrations, the state has declined to a huge debt. A budget of 15,000 was crossed during the time of the celebration. In order to overcome this, the state ministry of finance is getting ready to reduce the expense.
The decision of limiting the treasury is being discussed. It is observed that the debt got raised due to the programs including the ‘Onam Kit’.
It is assessed that the assistance from the centre, the Fiscal Deficit Grant and the GST allocation from the centre is essential to resolve the situation. If those allowances are not provided, then the state should take an overdraft. The state has a provision to take 1680 crore rupees from the Reserve Bank of India for daily expenses.
Meanwhile, the state Finance Minister K N Balagopal said that although the state has a financial crisis it would not opt for the Overdraft facility. He also said that the state would fall into a massive debt in the future, if it is not willing to give the money.