THIRUVANANTHAPURAM: The Comptroller and Auditor General's report said that the state's financial problem was exacerbated by the reduction in central allocation and the requirement that the state has to borrow money to pay salaries and pensions because of the pay revision every five years. The reduction of Rs 4122.33 crore in Central Finance Commission allocation, Rs 1340.18 crore in grants and Rs 3832.57 crore in project allocations also led to the crisis. The next pay revision should be implemented this year. This will further increase the liability. The report was tabled in the Assembly on Thursday.
In 2021-22, there was an additional expenditure of 24968.46 crores through pay revision. With this, the salary and pension expenses increased from 47710.31 crores to 72678.77 crores. As the state's own revenue stands at Rs 68803.03, it is forced to borrow money to pay salaries and pensions. By calculating the interest, the salary and pension expenses will become Rs 95981.59 crores.
As the debt is getting piled up, the state is facing a massive financial crisis. 19.5% of the total revenue has to be spent on interest. In 2017-18, each Keralite had a debt of Rs 59,588.48, but last year it increased to Rs 100,391.22.
Loans taken outside the budget are not reported to the legislature. Rs 13066.18 crore borrowed by KIIFB, and Rs 11206.49 crore borrowed by Social Security Pension Limited are some of these. Huge losses were also incurred by the illegal assignment of government-owned land for commercial use without even charging market rates.
Rs 27592.62 crores to be collected
1. The state has to collect a total of Rs 27492.62 crores
2. Out of which 13410.12 crore is through GST
3. 5979 crores as interest on loans given by Govt
4. Electricity tax 3118.50 crore, vehicle tax 2868.47 crore
KSEB leads in losses
3,83,267.15 crores- Total debt of the state
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