New Delhi: According to the Reserve Bank of India (RBI), the total debt of Kerala till 2024 is Rs 4,29,270.6 crore.

Pankaj Chaudhary, Union Minister of State (Finance), touched on the RBI report in response to a query posed by N.K. Premachandran MP in the Lok Sabha on Monday.

In 2016, Kerala's debt stood at Rs 1,62,271.5 crore, which increased by 18 per cent and reached Rs 1,91,622.9 crore in 2017. The debt rose to Rs 2,16,499.4 crores in 2018, Rs 2,67,585.4 crores in 2020 and Rs 3,10,856.2 crores in 2021. 

Kerala has been given the permissible borrowing limit for all states under Article 293 (3) of the Constitution. The state also has the right to borrow as recommended by the Finance Commission, Pankaj Chaudhary said. 

The permissible borrowing limit for Kerala in FY2023-24 is Rs 32,442 crore. The minister pointed out that the Centre had allowed the state an additional borrowing of Rs 1,787.38 crore this fiscal year.