Kerala's CM to Unveil Economic White Paper Amid Financial Crisis
Kerala CM to release White Paper on economy, seeks Centre's backing
Image: Asianet Newsable
Kerala Chief Minister V D Satheesan announced plans to release a 'White Paper' on the state's economy in June, seeking support from the central government for key projects. He highlighted the financial crisis exacerbated by falling Gulf remittances and rising fuel prices, and addressed fiscal burdens from national schemes.
- 01The 'White Paper' will detail Kerala's economic status and propose fiscal corrections, set for release in the first week of June.
- 02Satheesan requested the Centre to exclude National Highway expenditures from the state's borrowing limit, which currently stands at 3.5% of GSDP.
- 03The state now bears 40% of the costs for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), a shift from previous full funding by the Centre.
- 04The Chief Minister clarified that the previous administration shelved the SilverLine semi-high-speed rail project, affecting land transactions for citizens.
- 05The Munambam Waqf land dispute involves over 600 families facing eviction, with the state government pledging to protect their rights.
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Kerala Chief Minister V D Satheesan announced that a comprehensive 'White Paper' on the state's economy will be released in the first week of June. This initiative follows discussions with Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman, where Satheesan sought support for various 'dream projects' amid a significant financial crisis in Kerala. He cited declining Gulf remittances and rising fuel prices as major challenges affecting the state's economy, which is heavily reliant on these factors. Additionally, Satheesan raised concerns about the fiscal burden of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), which now requires the state to cover 40% of costs. He also addressed the stalled SilverLine rail project, clarifying that the previous administration's decisions have left citizens unable to transact their land. Furthermore, the Chief Minister discussed the Munambam Waqf land dispute, assuring that the rights of affected families will be protected. The upcoming White Paper aims to provide a clear picture of Kerala's economic health and necessary fiscal adjustments.
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The White Paper and the Chief Minister's requests for fiscal adjustments could influence Kerala's financial recovery and project funding.
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