Our state is now passing by way of a part of economic constraints, the federal government mentioned in its affidavit.
Thiruvananthapuram:
The ruling Left authorities in Kerala has instructed the Excessive Courtroom right here that the state was dealing with a “enormous monetary disaster”.
The submission was made by the federal government in an affidavit positioned earlier than the courtroom in a matter associated to repaying a depositor of the Kerala Transport Improvement Finance Company (KTDFC) Ltd.
“Our state is now passing by way of a part of economic constraints. Any financial profit must be allowed throughout the monetary assets out there with the federal government,” the federal government contended.
The submission by the federal government didn’t discover favour with the Excessive Courtroom, which questioned whether or not Kerala was in a state of economic emergency.
The state additionally mentioned in its affidavit that the KTDFC and the Kerala State Highway Transport Company (KSRTC) can mortgage the property or promote one or two gadgets of the property to outdoors events or authorities businesses to unravel their monetary points.
“However, sadly, no optimistic steps have been taken by KTDFC or KSRTC,” it instructed the courtroom, including that the 2 entities collectively have immovable properties value about Rs 1,000 crore within the state.
The federal government additionally claimed that regardless of dealing with an enormous monetary disaster, it has launched Rs 8,440.02 crore to KSRTC for varied expenditures from 2018-19 to October 15, 2023.
“Despite the fact that the federal government is supporting Public Sector Undertakings, together with KSRTC, in numerous methods, it’s apparent that the federal government is just not legally sure to present monetary help to satisfy its each day affairs,” it mentioned within the affidavit.
The affidavit got here in response to a non-public firm’s plea urging the federal government to intervene and direct KTDFC to launch the cash deposited with it by the petitioner’s firm.
The rivalry comes amidst the Keraleeyam 2023, a week-long mammoth celebration introduced by the Left authorities to showcase Kerala’s progress, achievements, and cultural heritage to the world, which commenced on Wednesday.
The Congress-led UDF opposition had boycotted the occasion alleging extravagant expenditure by the Left administration at a time the state was going by way of an enormous monetary disaster.
(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)