Financial Daily from THE HINDU group of publications
Monday, Jun 13, 2005
Financial Daily from THE HINDU group of publications Monday, Jun 13, 2005 |
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Industry & Economy
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Economy CAG concern over Kerala's rising debt Our Bureau
THIRUVANANTHAPURAM: The latest CAG report warning that Kerala is gradually slipping into a debt trap is a matter of serious concern, according to Dr Varughese George, General Secretary, Janata Dal (Secular). He said in a statement here on Sunday that the interest payment on loans has become the main item in revenue expenditure. Interest payments increased by 104 per cent in the five years between 1999-2003 on account of persistent borrowings for financing fiscal deficit. He said of the total expenditure, the share of social services and economic services had declined to 32.6 per cent and 22.5 per cent, respectively, even as there was a sharp increase of 42.7 per cent in the share of debt servicing. He urged the Chief Minister to convene an all-party meeting to discuss the current affairs of the State finances.
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