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Finance Minister K N Balagopal says, Kerala is experiencing a ‘unprecedented financial crisis’

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 central government, the COVID-19 pandemic, and frequent natural disasters are to blame.

However, the minister made it clear that the Left-leaning government was moving forward with a ‘clear road map’ and financial restraint to get through the crisis and address the problems.

During the state Assembly’s Question Hour, he was responding to a query, ‘It is true that the state is facing an unprecedented financial crisis.’

However, the reasons contributing to the crisis are beyond the control of the state…that is the fact, Balagopal said.

He informed the House that the revenue deficit grant (released 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.

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