Kerala fails to keep revenue and fiscal defict under check: audit report

CAG reportKerala government has failed to achieve revenue and fiscal deficit targets envisaged under the Kerala Fiscal Responsibility (Amendment) Act, 2011 during the last four years, says the report of the Comptroller and Auditor General of India on State finances for the year ended March 31, 2015.

Total expenditure of the State almost doubled during the last five years and share of revenue expenditure in total expenditure was above 90 per cent during the last four years. Liability on interest payments showed a higher growth due to mounting of liability in open market borrowings.

Next government has to find additional resources: Chandy

Chief Minister Oommen Chandy replying to debate on supplementary demands for grants on TuesdayChief Minister Oommen Chandy told the Assembly on Tuesday that additional resources for implementation of his Budget for next year would have to be found by the new government.

Replying to the debate on the final supplementary demands for grants for the current year, the Chief Minister said that Budget did not speak of new sources of revenue as the State was going to polls shortly. It was for the new government to decide on resource mobilisation.

Financial position of State is satisfactory: Chief Minister

Chief Minister Oommen ChandyThiruvananthapuram: The financial position of the State is very satisfactory and the financial management by former Finance Minister K. M. Mani is highly appreciable," said Chief Minister Oommen Chandy in a post-budget interaction with the media here on Friday.

The Budget for 2016-17 is a continuation of the budgets presented by Mr. Mani and there is nothing special about it, he added.

Budget an admission of failure: Dr. Thomas Isaac

Thomas IsaacKerala Budget for the coming year is admission of failure of the government to address the economic crisis looming over the State, CPI (M) leader Thomas Isaac said here on Friday.

Commenting on the Budget, the CPI (M) leader said that till yesterday, Budgets only talked of financial crisis. But, now an economic crisis was at the doors and the government lacked ability to intervene. This was because of failure at resource mobilisation.


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