"In fact, the state is experiencing a financial crisis unlike any in its history. The fact remains, though, that the causes of the crisis are external to the state "K N Balagopal, the state's minister of finance, made the following statement.
K. N. Balagopal, the Minister of Finance for the state of Kerala, said on Tuesday that the state is going through a financial crisis that is unparalleled. He blamed the "distorted" financial policies of the Center, the outbreak of the COVID-19 illness, and the reoccurring natural disasters for the precarious state of the economy at the time of his speech.
On the other hand, the minister was quite explicit when he said that the Left administration would be proceeding with a "clear road map" and maintaining budgetary discipline in order to get through the crisis and address the difficulties. His declaration was really clear and concise. During this portion of the meeting in the state Assembly that was referred to as Question Hour, he was giving his response to a question that had been asked by a constituent during that time period.
"It is a well-known and well-established fact that the state is now going through a catastrophic financial crisis the likes of which have never been seen before in the history of the state. This is a situation that has never been seen before in the history of the state. On the other hand, one may argue that the state cannot be held accountable for the factors that have contributed to the crisis since thus much has been shown to be a verified truth. The circumstances that have led to the present dilemma are not the state's fault, and the state should not be held responsible for them "Balagopal stated. He reported to the House that the revenue deficit grant that the Central Government gives to the state has decreased by 6,716 crore rupees during the current financial year compared to the amount that was given during the previous fiscal year. This grant is provided by the Centre in an effort to make up for the revenue gap that exists within the state. This information was kindly provided to us by the Center, which is something that we are very grateful for.
The minister gave an answer that was not positive in response to the issue of whether it was discovered that poor financial management on the part of the state was the cause of the current financial crisis. The question of whether or not it had been decided that the state was to blame for the current economic crisis that the nation is undergoing was brought up at one point during the discussion.
According to his explanation, the current financial crisis in the southern state was caused by a number of factors, some of which include natural disasters, the COVID-19 pandemic, distorted policies of the Centre, the implementation of the GST without much contemplation, the delayed distribution of GST compensation, and the imposition of cuts in the borrowing limit of the state by the union government. Among these factors, natural disasters and the COVID-19 pandemic are among the most significant contributors to the current state of affairs. All of these different aspects had a role in the development of the present situation in the southern state. The current predicament was brought about by the confluence of many diverse factors, each of which had a part in the process.
The minister proceeded by noting that the government, which has a tilt toward the Left, was working toward addressing the crisis by implementing rigorous financial discipline. He said that this was part of the administration's effort to resolve the issue. According to what he indicated, they would proceed in this manner as their strategy moving forward. This included raising the total amount of tax money that was collected, reducing unnecessary spending to the fullest degree that was practically possible, and doing away with costs that were not required.
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