Kerala workers lose Rs 13,650 crore during lockdown due to COVID pandemic

Overall, during these 39 days, the loss to Kerala’s economy would be around Rs.40,950 crore.

According to the KPB report, the 2020 foreclosure resulted in a loss of revenue of around Rs. 20,000 crore in the tourism sector, Rs 1,371.3 crore in the fishing sector and Rs. 9,600 crore in the transport sector in the state.

The report estimates that Kerala suffered a loss of revenue of Rs. 80,000 crore due to the 2020 lockdown.

Kerala’s 2021-22 revised budget reveals that the state revenue deficit is 16,910 crore rupees, or 1.93% of the state’s gross domestic product (GSDP).

In January, then Kerala’s finance minister Thomas Isaac told the state assembly that the state’s public debt was doubling almost every five years.

A recent Comptroller and Auditor General of India (CAG) report on Kerala’s finances also reveals that the total state debt burden increased from Rs. 1,41,947 crore in 2014-15 to Rs. 2 41,615 in 2018-19.

“The state’s overall fiscal liability increased from 1,417,447 crore in 2014-15 to 2,41,615 crore in 2018-19, registering an increase of 70% over the five years. In 2018-2019, the growth rate of budget liabilities was 12.63% and it was the lowest in five years, ”the CAG report said.

According to the current Kerala Finance Minister KN Balagopal, in the last fiscal year, the state’s GSDP fell by 3.82% compared to the previous year.

Balagopal also admitted that the growth rate that was positive for decades was under the impact of the Covid-19-induced lockdown and that state revenues were down 18.77%.

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