State going through severe financial crisis, says finance minister in assembly

KN Balagopal | Photo: CR Gireesh Kumar

Thiruvananthapuram: Finance Minister K N Balagopal said that the state is going through severe financial crisis and the government is trying to ensure that money is disbursed to maximum number of people. He said this while responding to the discussion on budget.

Former finance minister said that Rs 5000 crore is remaining in the treasury intending to mean there is no problem in availability of funds. Though the financial state is pathetic, the state plans to borrow money and manage the current situation, the minister made it clear while explaining the doubts raised by the opposition leader regarding the balance in the treasury.

When the outstanding dues of the contractors are cleared, people will get money again. Providing free food kit and other facilities also are equal to directly giving money to the public, the minister said.

The finance minister further said that producing spirit from tapioca will be considered and the time to pay the tax of vehicles will be extended till August 31. Also the date for paying turnover tax will be extended. Providing loan for low interest rate for traditional industry also will be considered, the minister said.

Opposition leader V D Satheesan had said that the claims on revenue increase of Rs 37,000 crore is unbelievable and moratorium should be declared in banks.

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