Thiruvananthapuram: Kerala Finance Minister K.N. Balagopal is knocking at the door of the Centre for funds, as the financial position of the state seems to have reached a point of no return. Reportedly, the state treasury is virtually dry with fresh restrictions now coming in place that a special sanction is needed to clear any payment above Rs 1 million.
As an urgent measure, Balagopal has written to the Centre to exempt the loan repayment availed by the Kerala Infrastructure Investment Fund Board (KIIFB) while granting credit, and if that happens Balagopal expects to get some minor relief from the crisis that he is facing now. He expects Rs 2,000 crore could be availed if the Centre grants his request.
With just 34 days left for the current fiscal to end, Balagopal needs around Rs 20,000 crore to tide over the crisis, and unlike his predecessor, the economist-turned-Finance Minister Thomas Isaac, Balagopal seems to unable to do justice to his post. And with the Centre and Union Finance Minister Nirmala Sitharaman sticking to the rules, getting the much-needed funds has become even more tough for Balagopal, a first-time legislator and totally new to the post of Finance Minister.
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