Kerala paid Rs 26,000 cr in March to various sectors: State FM Balagopal

Kerala Finance Minister K N Balagopal on Saturday said that despite a fiscal pressure, the state government made payments to the tune of Rs 26,000 crore to various sectors in March alone.

Talking to the media after visiting the treasury here in the state capital on the last working day of the fiscal year, Balagopal said, "We made payments to the tune of Rs 26,000 crore in this March alone. This is higher than the last fiscal year. We made payments to various sectors at a time when we were facing financial pressure."

He said the state government effectively intervened to manage the financial crisis and an interim application on the borrowing limit and other matters are pending before the Supreme Court.

 

Balagopal added that the apex court recently ruled in the state's favour as there was substance in its arguments regarding the financial strangulation.

The apex court was hearing a suit filed by the Kerala government that alleged that the Union of India was regulating the state's finances through its "exclusive, autonomous and plenary powers" by imposing a ceiling on borrowing.