The five-year LDF rule under Chief Minister Pinarayi Vijayan (2016-2021) has left Kerala financially broke and the state is on the verge of commencing recovery proceedings, said state Congress President Mullapally Ramachandran, adding that the per capita debt of every Keralaite stood at Rs 1,05,000, up from Rs 46,075 in 2016.
Ramachandran pointed out that when Vijayan took over in 2016, the total public debt was Rs 1.50 lakh crore, which has gone up to Rs 3.20 lakh crore in five years’ time.
“The state’s finances have been punctured beyond repair and Vijayan has been trying to keep this a closely guarded secret. As a result, there has been no discussion on this matter. When his government assumed office in 2016, the LDF had said that the outgoing Congress-led government had driven Kerala into a debt trap. But the total public debt was Rs 1.50 lakh crore then (from 1957 when Kerala was formed),” said Ramachandran.
“In five years of LDF rule under Vijayan, the total public debt is Rs 3.28 lakh crore, if one adds the Rs 8,000 crore loan taken in March. Also, no one should forget the Rs 12,000 crore availed by the KIIFB, which is not accounted for. All in all, Kerala’s finances are abysmally poor and the state has been driven to a point where recovery proceedings might commence soon,” added Ramachandran.
“One should also not forget that the monthly social welfare pension to be given in March has not been paid so far. This is being done so that the amount could be paid along with the pension for April, just before the Assembly elections in the state,” added the state Congress chief.