Kerala's revenue soars to Rs 77,000 cr, easing financial strain from Centre, says Minister

May 21: The Left government in Kerala has achieved a record revenue increase from Rs 47,000 crore in 2020-21 to Rs 77,000 crore in 2023-24, helping to mitigate financial challenges posed by the BJP-ruled Centre, according to state Finance Minister K N Balagopal.

"We've managed a record increase in the state's own revenue even as the Centre financially squeezes us. The state's own tax revenue rose from Rs 47,000 crore in 2020-21 to Rs 77,000 crore in 2023-24," Balagopal said.

He pointed out that this represents a 60 per cent increase in the state's own tax revenue over just three years.

"Without this increase, Kerala's economy would have collapsed due to the central government's anti-state policies." The minister also noted that the state government is doing everything it can to handle the crisis caused by the Centre's reduction in tax allocations and debt limits.

Balagopal, who is also a senior CPI(M) leader, said that Kerala successfully brought national attention to the Centre's alleged discriminatory approach by mobilising the state's people and organising a protest in New Delhi, led by the Chief Minister and including ministers and people's representatives.

In the FB post, he also mentioned the state government's legal battle in the Supreme Court to secure its rights from the Centre.

Other states also followed suit and filed similar cases in the Supreme Court, highlighting the importance of this issue for federalism, Balgopal said.

The minister claimed that national leaders have acknowledged Kerala's stance on the issue.

"Through the last three budgets, the government has initiated several crucial projects for Kerala's future. These multi-pronged schemes aim to boost production, income, and employment opportunities," the minister said.