Latest news with #KNBalagopal
Time of India
9 hours 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.
New Indian Express
2 days ago
- Business
- New Indian Express
Early skill identification crucial, says Kerala Fin Minister K N Balagopal
KOLLAM: Finance Minister K N Balagopal emphasised the importance of anganwadis in identifying skills of children at an early age to build a strong foundation for their health and education. He made these remarks at the inauguration of a newly opened anganwadi in Ezhukone. Balagopal also highlighted upcoming developments in the region, stating that new industrial enterprises will emerge in the Kollam-Punalur area as part of the Vizhinjam project. He added that the SOHO IT park in Kottarakkara is nearing completion and several infrastructure projects are underway to boost growth in Ezhukone. The new anganwadi, number 80 in Ezhukone HS ward, was constructed with Rs 18 lakh from the local development fund. Additionally, Rs 30 crore has been allocated for the purchase of smartphones for anganwadis across the state. A sum of Rs 3 crore from the Asset Development Fund has been earmarked for constructing market, shopping, and office complexes in Ezhukone. Road renovation work is also in progress in Ezhukone, known as the cricket capital of Kollam district. The event was attended by Kottarakkara Block Panchayat President A Abhilash, District Panchayat Member Sumalal, Ezhukone Grama Panchayat President Biju Abraham and anganwadi workers.
Hindustan Times
2 days ago
- Politics
- Hindustan Times
Kerala minister slams Centre for foreign aid nod to Maharashtra
Kerala finance minister KN Balagopal accused the BJP-led Union government of bias and violating federal principles after the latter permitted the Maharashtra government to accept foreign donations for the Chief Minister's Distress Relief Fund (CMDRF). On Sunday, the Kerala FM told reporters that while the state was not opposed to Maharashtra getting foreign aid to deal with impact of natural disasters, the law must be made equal for all states. He pointed out that the Union government had denied permission to Kerala to accept foreign aid in the backdrop of the century's worst floods in 2018 even as other countries like UAE were ready with offers to help. 'It is a good thing for any state, dealing with disasters, to get help. Granting approval to the state is also good. But the Union government's stand over this clearly reeks of political bias. When floods affected almost every part of Kerala, the state had stood up to ask for aid. There were Malayalis from around the world and other countries that were willing to help. But the Union government did not permit the state. Now, Maharashtra has been permitted for the same. Naturally, it begs the question whether it's because both the governments in the state and the Union are led by the same party,' said Balagopal. Such a stand impediments the belief that all states are treated equally by the Union government, Balagopal alleged. 'Can the people of Kerala or any other state be blamed if they feel that the Union government treats every state differently especially when states face great crises. It's stand does not help the values of federalism,' the FM said. Balagopal underlined that the BJP-led government has not announced a financial package for the state in the light of the massive landslides in Wayanad last year. He said that while the PM visited the areas where the landslides took place and recently came to the state to commission the Vizhinjam international seaport, both occasions did not see an announcement on the relief package. 'There should be equal justice in such matters. Everyone expects the rule of law and equity in such circumstances. It's not disasters and sufferings of people, but politics that is the criterion for the Union government to take such decisions. It is unbecoming of administrators,' the finance minister said. Last week, the Maharashtra CM Relief Fund had been accorded a license under the Foreign Contributions (Regulation) Act 2010, making it eligible to receive aid from individuals and countries. It was reportedly given the approval after it fulfilled all the criteria.
India Today
2 days ago
- Politics
- India Today
Kerala slams Centre over foreign aid approval to Maharashtra, cites bias
The CPI(M)-led Kerala government on Sunday accused the BJP-ruled Centre of political bias after it permitted Maharashtra to accept foreign contributions for disaster relief while denying similar requests from Kerala during its devastating 2018 Finance Minister K N Balagopal stated that the state welcomed the Centre's approval for Maharashtra but called out what he described as 'discriminatory treatment' between support the decision to give permission to Maharashtra, but there shouldn't be differential treatment towards states. It shows that centre sees the states differently and that is based on politics. It is not right for the administrators to show that their criteria is not the disaster but politics. This is not right for the relation between state and centre,' said Balagopal. His remarks came after the Maharashtra Chief Minister's Relief Fund was granted registration under the Foreign Contribution (Regulation) Act, 2010 (FCRA), making it eligible to receive foreign aid. This contrasts sharply with the Centre's earlier refusal to allow Kerala to accept foreign assistance during the 2018 floods, despite offers from countries including the Balagopal's concerns, CPI MP P Sandosh Kumar also criticised the Centre, accusing it of showing 'step-motherly treatment' toward Union Government's recent approval allowing foreign contributions to the Maharashtra Chief Minister's Relief Fund starkly highlights the injustice done to Kerala during the devastating 2018 floods, when foreign aid was blocked and contributions to the Chief Minister's Relief Fund were disallowed,' he said.'At the time of the 2018 floods that devastated the state of Kerala, many international organisations including the Government of UAE expressed their willingness to extend a helping hand to Kerala but such requests were outrightly denied by the BJP government,' Kumar InTrending Reel IN THIS STORY#Kerala#Maharashtra
Economic Times
2 days ago
- Business
- Economic Times
Kerala slams Centre for 'discrimination' over foreign aid policy
Kerala's finance minister accuses the central government of political bias for allowing Maharashtra to receive foreign aid while denying the same to Kerala during the 2018 floods. He criticizes the discriminatory treatment, suggesting Maharashtra's closeness to the ruling party influenced the decision. The minister also alleges apathy towards Kerala regarding the Wayanad landslide tragedy and unmet expectations for financial assistance. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Kerala's CPI(M)-led Left government on Sunday accused the BJP-ruled Centre of political bias after it allowed Maharashtra to accept foreign aid while denying similar help to Kerala during its 2018 Finance Minister K N Balagopal said Kerala has no objection to Maharashtra receiving foreign assistance for relief efforts. However, he criticised the Union government for what he called "discriminatory treatment" between states."It's not disasters and sufferings of people but politics that is the criterion for the Centre to take such decisions, which is unbecoming of administrators," he said while addressing reporters state finance minister's sharp reaction comes amidst reports that the Maharashtra Chief Minister's Relief Fund has been accorded a licence under the Foreign Contribution (Regulation) Act, 2010, thus making it eligible to receive foreign funding. As per the law, all associations and NGOs receiving foreign contributions are required to be registered under the to official sources, the Maharashtra Chief Minister's Relief Fund located at Mantralaya in Mumbai has been registered with the FCRA after it fulfilled the reiterating that Kerala has no objection to Maharashtra receiving foreign aid for relief, Balagopal said there was no justification for denying the same approval to the southern also said that the Maharashtra government's perceived closeness to the ruling front at the Centre leads other states, including Kerala, to believe that this may have influenced the Union government's stance, he said, is a "violation" of the country's federal principles and the principle of equal treatment that should be guaranteed by the Centre to all warned that differentiating between states based on political considerations, even during natural calamities, would damage healthy relations between the Union government and the states."There should be equal justice in such matters. Everyone expects the rule of law and fairness in these circumstances," the minister said, urging the Centre to treat all states Kerala permission to accept foreign funds while granting the same to Maharashtra is unacceptable, he also alleged that the Centre had shown apathy towards the state during the Wayanad landslide Prime Minister Narendra Modi had visited the landslide-hit hamlets in Wayanad, no financial relief has been announced for the state by the Centre in this regard so far, he further charged."We expected that an announcement of financial assistance for landslide-hit Wayanad would come from the PM when he arrived here for the inauguration of Vizhinjam seaport. But nothing has happened," he the state had expected a viability gap fund without condition for Vizhinjam Port, it was also not granted by the union government yet, the finance minister to the website of the Maharashtra chief minister's relief fund, it aims at providing immediate relief to the people in distress in Maharashtra as well as in the chief minister's relief fund provides financial assistance to people affected by major natural calamities like floods, droughts, fire accidents, also provides financial assistance to economically weaker sections for treatment of major FCRA licence is a permit issued by the Ministry of Home Affairs that allows registered organisations to accept foreign funds for specific licences are crucial for the NGOs, trusts and other entities seeking to receive foreign funding for social, cultural, religious or educational activities.
