Latest news with #GulatiInstituteofFinanceandTaxation
The Hindu
5 days ago
- Business
- The Hindu
Focus on infrastructure development to overcome post-pandemic growth challenges: K.N. Harilal
Kerala should focus more on infrastructure development in order to overcome the post-COVID 19 development challenges, K.N. Harilal, chairman, 7th State Finance Commission, has said. He was speaking on 'Investing for the future: Kerala, which way now,' on the second and final day of the seminar, 'Post-COVID Development Challenges and Response: Kerala through the lens of State budgets,' organised by the Gulati Institute of Finance and Taxation (GIFT ). Dr. Harilal said logistics is a major area requiring Kerala's attention. China's advancement in global trade was mainly due to the development of world-class logistics and infrastructure such as ports and highways. Unfortunately, India is lagging behind in logistics development which is also the case with Kerala, according to him. With automation, cost efficiency, and natural draft Vizhinjam International container port is positioned to capture up to 15% of India's total container traffic and rival ports such as Colombo, Singapore, and Jebel Ali, Sreekumar K. Nair, CEO, Vizhinjam International Seaport Ltd, said. Rail connectivity for the port would be ready within three years, said. K. P. Kannan, former director, Centre for Development Studies ( CDS), said unemployment among educated youth is a serious developmental crisis Kerala faces today. The percentage of unemployment among women is higher compared to men. Kerala needs to address this pressing issue very seriously, he said. Former GIFT director D. Narayanan said that the decline in the capital expenditure of Kerala is a matter of serious concern. The State's capital expenditure during 2021-22 was ₹17,000 crore which dropped to ₹15,500 crore during 2024-25, he said. Senior economists and planning experts addressed the seminar over the two days.
New Indian Express
5 days ago
- Business
- New Indian Express
US trade war poses threat to Kerala's key exports: Finance minister K N Balagopal
THIRUVANANTHAPURAM: The US trade war against countries poses a serious threat to world trade and global economy, and its consequences could be especially damaging for Kerala's export-driven sectors, Finance Minister K N Balagopal said on Tuesday. Products like marine goods, spices and tea — major export items from Kerala — would be hit hard if the US goes ahead with a proposed 25% tariff on Indian goods, he warned at a seminar on 'Post-Covid development challenges and response: Through the lens of Kerala budgets', organised by the Gulati Institute of Finance and Taxation (GIFT). Balagopal said developed countries such as the US and Australia have been mounting pressure on the Union government to open up the Indian market for agricultural and dairy imports. Reports indicate Australia can sell milk in India at `30 per litre. If cheaper milk is allowed into the Kerala market, local dairy farmers will be in serious trouble, he said. Balagopal also termed claims that Kerala is in a debt trap and that its total debt has risen to `6 trillion as 'absolutely baseless'. 'Some so-called experts are spreading false information about Kerala's debt position through social media,' he said, adding that the state's total debt by the end of FY 2025-26 would be around `4.7 lakh crore. 'Based on a trend seen over the past three decades, Kerala's debt has doubled every five years. Had that pattern continued, it would have already crossed `6 trillion,' he said.
Time of India
6 days ago
- Business
- Time of India
US tariff hike threatens Kerala's export economy, says state finance minister
Thiruvananthapuram: Finance minister K N Balagopal warned that the 25% tariff imposed by the United States on Indian products could seriously hurt Kerala's economy. The higher tariff would badly impact exports of key products like marine foods, spices, and tea, he said. Balagopal said the US-led trade war with countries worldwide would cause a major crisis in global trade and economy, hitting India hard. He made these remarks while inaugurating a seminar on 'Post-Covid Development Challenges and Response: Through the lens of Kerala budgets,' organized by Gulati Institute of Finance and Taxation. He added that developed countries like the US and Australia are pressuring the Union govt to open up the markets for agricultural products, milk and milk-based products. Reports suggest that Australia can sell milk in India at a much cheaper rate (Rs 30/litre). If cheaper milk floods Kerala's market, local milk producers could face serious difficulties. He criticized the campaign that Kerala is in a debt trap and its total debt has mounted to Rs 6 trillion. "This is absolutely baseless and a section of experts had been spreading false information about the debt status of Kerala through social media platforms," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo He clarified that Kerala's total debt at the end of FY 2025-26 would be around Rs 4,70,000 crore. According to the trend prevailing over the last three decades, Kerala's total debt has doubled in every five years. Kerala's debt could have crossed Rs 6 trillion as per this cyclical trend, he added. Economist M A Oommen added that Kerala's fiscal condition has worsened due to repeated natural disasters and the Covid pandemic, which have severely impacted the state's finances.
New Indian Express
6 days ago
- Business
- New Indian Express
US tariff war poses threat to Kerala's key exports, says Finance Minister K N Balagopal
THIRUVANANTHAPURAM: The US trade war against countries across the globe poses a serious threat to world trade and the global economy, and its consequences could be especially damaging for Kerala's export-driven sectors, K N Balagopal, the state finance minister, said here on Tuesday. Products like marine goods, spices and tea — major export items from Kerala — would be hit hard if the US goes ahead with a proposed 25 per cent tariff on Indian goods, he warned. He was inaugurating a seminar on Post-Covid Development Challenges and Response: Through the Lens of Kerala Budgets, organised by the Gulati Institute of Finance and Taxation (GIFT). Balagopal said developed countries such as the US and Australia have been mounting pressure on the Union government to open up the Indian market for agricultural and dairy imports. Reports indicate that Australia can sell milk in India at Rs 30 per litre. If cheaper milk is allowed into the Kerala market, local dairy farmers will be in serious trouble, he said. The minister also criticised the campaign that Kerala is in a debt trap, with claims that the state's total debt has risen to Rs 6 trillion. 'This is absolutely baseless. A section of so-called experts is spreading false information about Kerala's debt position through social media,' he said. The state's total debt by the end of FY 2025-26 would be around Rs 4.7 lakh crore. Based on a trend seen over the past three decades, Kerala's debt has doubled every five years. Had that pattern continued, it would have already crossed Rs 6 trillion, he said.
Hindustan Times
6 days ago
- Business
- Hindustan Times
Tariff war will have worse impact than Covid: Kerala minister Balagopal
Thiruvananthapuram, Kerala Finance Minister K N Balagopal on Tuesday warned that the emerging global tariff war, led by the United States, could have a more damaging impact on the economy than the Covid pandemic. Tariff war will have worse impact than Covid: Kerala minister Balagopal Speaking at a seminar on 'Post-Covid Development Challenges and Responses: Kerala through the Lens of State Budgets', organised by the Gulati Institute of Finance and Taxation here, Balagopal said, 'While India is being asked to reduce tariffs on imports, the US is imposing higher duties on our exports. This imbalance will affect the Indian economy.' Citing examples, he said India has already reduced import duties on vehicles like Land Rover and Jaguar to 10 percent. At the same time, he alleged, international companies are pressuring India to lower its Goods and Services Tax rates. Despite a reduction in the state's borrowing limit by the Centre, Kerala has managed its finances post-Covid through increased revenue collection, Balagopal added. 'The state's revenue as a percentage of GSDP grew from 56 percent in 2020-21 to 74.89 percent in 2024-25,' he said. Tax and non-tax revenues rose from ₹54,000 crore in 2021 to ₹92,000 crore in the last fiscal. Highlighting the government's priorities in recent years, Balagopal said the focus had been on strengthening infrastructure and social security. He termed the commissioning of the Vizhinjam International Seaport a significant achievement and added that the government had invested in enhancing research and development facilities at premier institutions in the state. The minister also criticised the GST regime introduced in 2017, calling the division of tax revenues between the Centre and states 'unjustifiable.' 'Covid brought about social, political, and economic disruptions, leading to stagnation. The state is now striving to move forward from that,' he added. The United States has slapped a 25 per cent tariff on Indian goods as part of a broad trade measure targeting nearly 70 countries, according to an executive order issued by the White House recently. This article was generated from an automated news agency feed without modifications to text.
