Latest news with #GRF
The Hindu
2 days ago
- Business
- The Hindu
Lift borrowing limit cuts after launching GRF, Kerala urges Centre
The Kerala government on Tuesday urged the Union Finance Ministry to reverse a ₹3,323-crore cut in its market borrowing limit. The government informed the Centre that it had taken steps to establish a Guarantee Redemption Fund (GRF) — a new requirement under the Union government's borrowing rules for States. After submitting a memorandum to Union Finance Minister Nirmala Sitharaman in New Delhi, Finance Minister K.N. Balagopal said the State had begun the process of constituting the GRF and would start contributing to it within the current financial year. Under revised guidelines issued by the Department of Expenditure for 2025–26, States must set aside either 0.25% of their Gross State Domestic Product (GSDP) or 5% of their outstanding guarantees — whichever is higher — in a GRF. If they fail to do so, the shortfall is deducted from their annual borrowing limit. For Kerala, this has resulted in a reduction of ₹3,323 crore from its approved borrowing ceiling for the first three quarters of the fiscal year. This deduction be reversed once the State formally notifies the GRF, Mr. Balagopal said. 'The government is in the process of establishing the fund. Contributions will begin this year,' he assured in the memorandum, calling the move essential to 'safeguard the financial stability and development trajectory of the State.' Kerala, a revenue-deficit State with high public welfare spending, has faced growing pressure on its finances. The borrowing limit — or net borrowing ceiling — is a critical tool for the State to raise funds through open market operations and meet development needs, Mr. Balagopal said. In addition to the GRF issue, the State has also sought the Centre's reconsideration on an earlier ₹1,877.57-crore deduction. This amount was permitted as additional borrowing in 2023-24 due to changes in GSDP estimates but was later adjusted against the 2024–25 borrowing limit — even though final GSDP figures for that year have not been released. Mr. Balagopal has requested that the adjustment be shifted to 2025–26 in light of more recent, upward GSDP revisions for 2022–23 and 2023–24. The Finance Minister called for 'kind and expeditious intervention' from the Union government to address these matters and help ensure the State's fiscal balance.
Time of India
2 days ago
- Business
- Time of India
Kerala finance minister urges central govt to revise borrowing restrictions imposed on state
T'puram: Finance minister KN Balagopal has urged his Union counterpart Nirmala Sitharaman to reconsider recent borrowing restrictions imposed on the state, citing revised economic indicators and policy changes that he says unfairly constrain Kerala's fiscal space. In a memorandum submitted to the Union finance minister on Tuesday, Balagopal sought immediate intervention to address two key financial setbacks affecting the state's development agenda. Highlighting the state's efforts at prudent fiscal management, Balagopal said that the state is currently grappling with several financial challenges that lie beyond its control. Chief among them is a deduction of Rs 1,877.57 crore from the state's borrowing ceiling for the financial year 2024-25. This deduction was made as an adjustment for additional borrowing that was permitted during 2023-24, based on variations in the state's gross state domestic product (GSDP) figures. Balagopal argued that while the GSDP for 2021-22 was revised downward, the subsequent years — 2022-23 and 2023-24 — saw substantial upward revisions. Despite this positive trend, the Rs 1,877.57 crore borrowed in FY 2023-24 was already deducted from the current year's borrowing ceiling, even as GSDP estimates for FY 2024-25 remain pending. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo He requested that the deduction be reversed, and the amount reallocated to FY 2025-26, in view of the upward revisions and the yet-to-be-finalised GSDP figures. Balagopal also called for the restoration of Rs 3,323 crore that was deducted from Kerala's borrowing limit for the first three quarters of 2025-26 due to a newly introduced condition regarding the guarantee redemption fund (GRF). As per revised guidelines from the department of expenditure, any shortfall in GRF contributions — measured either as 0.25% of the GSDP or 5% of outstanding guarantees — results in a deduction from a state's borrowing ceiling. Kerala, a revenue-deficit state, is in the process of establishing the GRF and plans to begin contributions in the current financial year. Balagopal urged the Centre to restore the deducted borrowing limit once Kerala notifies the creation of the GRF. "These matters are critical to ensuring the financial stability and development trajectory of the state," Balagopal said in his memorandum, underscoring the importance of timely and favourable action from the Union govt. The request comes amid ongoing tensions between several non-BJP-ruled states and the Centre over fiscal federalism, with Kerala frequently flagging concerns over perceived limitations on its financial autonomy.
Time of India
21-05-2025
- Business
- Time of India
Kerala not caught in debt trap, says finance minister Balagopal
Finance minister K N Balagopal on Wednesday rejected allegations that the state is caught in a debt trap, terming them politically motivated and factually incorrect. Balagopal told a news conference that the state's borrowings were well within the limits prescribed by Fiscal Responsibility and Budget Management (FRBM) Act and undertaken with Centre's approval. "We're only borrowing as much as required for development and welfare. In fact, our borrowings are lower than the ceiling set by Centre," he said. He said Kerala is permitted to borrow up to 3.5% of its Gross State Domestic Product (GSDP), but borrowed only 2.5% in 2022-23 and 2.99% in 2023-24. "Even the borrowing we were entitled to was curtailed by Centre," he said. Balagopal presented data to show that the state's debt-to-GSDP ratio declined steadily, from 38.47% in 2020-21 to a projected 33.9% in 2024-25. "This is evidence of improving fiscal health," he said. He acknowledged that total debt rose from Rs 2.96 lakh crore in 2020-21 to Rs 4.31 lakh crore in 2024-25. However, he said the GSDP expanded from Rs 7.79 lakh crore to Rs 12.75 lakh crore during the same period. "Our debt has not grown disproportionately. The size of our economy has increased significantly," Balagopal said. He also criticised the previous UDF govt. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secure Your Child's Future with Strong English Fluency Planet Spark Learn More Undo "Between 2011 and 2016, GSDP growth was 11.6%, but debt grew at 14.9%. In contrast, under the present LDF govt, GSDP has grown at 13.5% and debt at only 9.8%," he said. Balagopal said the state's debt traditionally doubled every five years. "Following that trend, our total liabilities should have touched Rs 6 lakh crore by 2025-26. But thanks to tighter control and a more responsible borrowing policy, they are expected to remain around Rs 4.65 lakh crore," he said. "Even that would have been lower, had Centre not withheld funds we were legally entitled to borrow." Balagopal said Rs 3,300 crore was cut from Kerala's borrowing limit for providing guarantees to loans taken by PSUs, with Centre citing the Guarantee Redemption Fund (GRF). "Centre is now demanding that we earmark 5% of the total guarantees — worth around Rs 80,000 crore — as reserve in the GRF. This is an additional burden," he said.
Yahoo
06-05-2025
- Business
- Yahoo
Ohio economists: Cutting library funding will reduce ‘human capital,' hurt the economy
Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Generate Key Takeaways PARMA HEIGHTS, OH — JANUARY 26: Ukrainians Marta and Taras Chaban who fled the violence of the war pose for a portrait at the library where they take English classes twice a week, January 26, 2023, at the Cuyahoga County Public Library - Parma Heights Branch, in Parma Heights, Ohio. (Photo by Graham Stokes for Ohio Capital Journal) A panel of economists overwhelmingly said that if federal and state cuts to public library funding become reality, it will harm 'human capital' — knowledge and skill that can be used as an economic resource. A smaller majority said it would also reduce the state's economic output. The budget proposed by the Republican-controlled Ohio House would spend almost $91 million less on public libraries than the draft proposed by Gov. Mike DeWine, reports the Ohio Library Council. 'Additionally, the Ohio House changed how library funding is allocated,' the library council said last month. 'Instead of receiving 1.7% of the state's General Revenue Fund (GRF)—as established in permanent law—the Public Library Fund (PLF) would become a line-item appropriation. This change could put future library funding at greater risk, as line-item appropriations are more vulnerable to elimination.' In addition, a group led by Elon Musk, the world's richest man, has moved to eliminate the Institute of Museum and Library Services, a federal grant-making agency with a budget of $290 million a year. Benjamin Franklin in 1731 'invented the library as we know it,' Smithsonian Magazine reported last year. That's when he founded the Library Company of Philadelphia, which was cheap enough for average people to join and improve themselves. Franklin himself was self-taught and would go on to be the most famous American in the world. He knew that access to books and other materials had vast potential as an improving, democratizing force. 'These libraries have improved the general conversation of the Americans,' Smithsonian Magazine quoted Franklin as saying. And they 'made the common tradesmen and farmers as intelligent as most gentlemen from other countries.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX In 1833, the first completely tax-supported library opened in New Hampshire. Between 1886 and 1919, industrialist Andrew Carnegie put up money to open more than 1,600 public libraries, then nearly half of the free public libraries in the United States. More than 100 of the Carnegie libraries opened in Ohio. 'A library outranks any other one thing a community can do to benefit its people,' the Ohio History Connection quotes Carnegie as saying. 'It is a never failing spring in the desert.' As did Franklin, Carnegie believed that public libraries were fundamental to a functioning democracy. 'There is not such a cradle of democracy upon the earth as the free public library, this republic of letters, where neither rank, office, nor wealth receives the slightest consideration,' he said. Not able to afford college, future President Harry Truman was a voracious reader of American history. He later claimed that by the time he was 14, he had read every book in the Independence, Mo., Public Library. 'Not all readers become leaders,' Truman said. 'But all leaders must be readers.' In 2025, public libraries offer more than books. They're an important economic resource, especially for underserved Americans, the American Library Association said last month. 'Public libraries are essential infrastructure in every American community, and that especially is so during times of economic uncertainty,' the group said. 'The elimination of federal funding for public libraries will be felt in every community across the country, and particularly in rural areas. Public libraries provide people with job skills training, entrepreneurship support, homeschooling and education materials, and access to food services that are at risk without federal funding. As many people face job reductions and layoffs, there is an increased need for the services libraries provide to help people improve workforce skills.' In Ohio, Scioto Analysis put several questions about library funding to a panel of 14 economists. Asked if 'cutting funding from Ohio's public libraries will reduce human capital development of Ohio residents,' 11 said it would, one said it wouldn't and two were uncertain. In the comments section of the survey, Kevin Egan of the University of Toledo spoke of weekly library visits with his kids. 'Every time we went to the public library it was full of citizens utilizing its resources: many different types of human capital development beyond just reading, including public access to computers for online job applications and resume preparation; study rooms for students to prepare for their classes and do homework, helpful staff to locate whatever you are interested in learning,' Egan wrote. The only economist who said cutting library funding would not sap human capital was David Brasington of the University of Cincinnati. 'Other sources of information have made libraries redundant or replaced them,' he wrote. A strong majority of the economists also agreed that 'cutting funding from Ohio's public libraries will reduce statewide economic output in the long run.' Nine agreed, two disagreed and three were uncertain. 'I'm not clear how much libraries will increase economic output, and it is probably hard to measure, but I'm sure they help at least a little bit,' said Jonathan Andreas of Bluffton University. 'This was one reason Andrew Carnegie spent a large portion of his fortune on libraries.' Brasington strongly disagreed. 'Libraries are increasingly irrelevant in the information age,' he said. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Associated Press
17-03-2025
- Health
- Associated Press
New Research Reveals One Million More Glaucoma Cases Than Previously Believed — Glaucoma Research Foundation Urges Early Screening
SAN FRANCISCO, March 17, 2025 (GLOBE NEWSWIRE) -- The Glaucoma Research Foundation (GRF) is launching a national awareness campaign, 'Your Eyes Say Thanks,' to educate the public on the importance of preventive steps and early detection in the fight against glaucoma. New research indicates there are one million more people living with glaucoma than previously believed. Often referred to as the 'sneaky thief,' the disease can cause irreversible vision loss if left untreated. Early diagnosis and treatment are critical to slowing the progression of glaucoma and preserving vision, yet many individuals at risk are unaware of their status. The campaign aims to encourage at-risk individuals—particularly those over 50, people of color over 40, and those with a family history of glaucoma—to practice eye self-care and schedule routine, comprehensive eye exams. 'Glaucoma is a leading cause of blindness, but the good news is that lifestyle changes and early detection can save sight,' said Tom Brunner, President & CEO. " With this campaign, we want to encourage members of the public to take charge of their eye health. Healthy habits and a simple, painless eye exam can mean the difference between protecting vision for a lifetime or facing the loss of sight.' The 'Your Eyes Say Thanks' campaign will feature digital outreach, educational resources, and partnerships with healthcare providers to spread the message about routine eye screenings. GRF will also work to provide communities with accessible information on risk factors, symptoms, and available treatments. The Glaucoma Research Foundation urges everyone—especially those in high-risk groups—to schedule an eye exam and spread the word about the campaign.
