Amid ongoing economic crisis, Kerala government secures Rs 2,000 crore additional loan
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Home News Kerala

Amid ongoing economic crisis, Kerala government secures Rs 2,000 crore additional loan

by Janam Web Desk
Jul 31, 2023, 11:15 am IST
in Kerala

THIRUVANANTHAPURAM: In the midst of a severe economic crisis, the Kerala government has made the decision to borrow once again. An amount of Rs 2,000 crore is being sought to cover various expenses, including the salaries of government employees, in preparation for the upcoming Onam celebration.

Earlier, the central government had granted permission for borrowing up to Rs 15,390 crore until the end of this year. However, a significant portion of this amount, Rs 12,500 crore, has already been borrowed. Recently, an additional Rs 5,500 crores was secured in just the past month, reflecting the gravity of the financial situation.

Given the ongoing operational costs, the government has resolved to take out another loan of Rs 2,000 crore. The auction for this borrowing will take place tomorrow at the Reserve Bank’s Mumbai Fort office, utilizing the e-Kuber system.

Once this latest loan is secured, the remaining borrowing capacity will be reduced to a mere Rs 890 crores. Consequently, any further borrowing will be subject to the central government’s approval. The denial of additional borrowing permissions could potentially push the Kerala government into an even deeper financial crisis in the days to come.

Critics, including several economists, have pointed to the state government’s unnecessary expenditures as the root cause of the current financial predicament. In the meantime, various state entities are facing challenges.

Supplyco is awaiting assistance from the government, while there are pending arrears for paddy procurement that require resolution. Additionally, KSRTC employees are anxiously awaiting their salaries, particularly in time for the Onam season.

As the situation unfolds, the Chief Minister is yet to make a decision regarding the Onam kit. The Kerala State Food Safety department awaits further instructions from the Chief Minister’s office.

Tags: e-Kuber systemFEATUREDdebtborrow limitSupplycoOnam season
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