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Homechevron_rightKeralachevron_rightKerala govt informs HC...

Kerala govt informs HC state is in huge financial crisis

Kerala govt informs HC state is in huge financial crisis

Thiruvananthapuram: The Kerala High Court has been informed by the ruling Left government that the state is experiencing a "huge financial crisis".

The government made the claim in an affidavit that was submitted to the court in connection with a case involving paying back a depositor of Kerala Transport Development Finance Corporation (KTDFC) Ltd.

"Our state is now passing through a phase of financial constraints. Any monetary benefit has to be allowed within the financial resources available with the government," the government contended.

The submission by the government did not find favour with the High Court, which questioned whether Kerala was in a state of financial emergency.

The state also said in its affidavit that the KTDFC and the Kerala State Road Transport Corporation (KSRTC) can mortgage the property or sell one or two items of the property to outside parties or government agencies to solve their financial issues.

"But, unfortunately, no positive steps have been taken by KTDFC or KSRTC," it told the court, adding that the two entities together have immovable properties worth about ₹ 1,000 crore in the state.

The government also claimed that despite facing a huge financial crisis, it has released ₹ 8,440.02 crore to KSRTC for various expenditures from 2018-19 to October 15, 2023.

"Even though the government is supporting Public Sector Undertakings, including KSRTC, in different ways, it is obvious that the government is not legally bound to give financial support to meet its day-to-day affairs," it said in the affidavit.

The affidavit came in response to a private company's plea urging the government to intervene and direct KTDFC to release the money deposited with it by the petitioner's company.

The contention comes amidst the Keraleeyam 2023, a week-long mammoth celebration announced by the Left government to showcase Kerala's progress, achievements, and cultural heritage to the world, which commenced on Wednesday.

The Congress-led UDF opposition had boycotted the event alleging extravagant expenditure by the Left administration at a time the state was going through a huge financial crisis.

With PTI inputs

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TAGS:Kerala GovtKerala NewsFinancial crisis
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