[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-296732-105":59,"doc-detail-296732-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","keralas-fiscal-health-a-status-report","KERALA’S FISCAL HEALTH - A Status Report","","Kerala’s fiscal health is assessed through a structured status report focusing on fiscal transparency, accountability, and reform needs. The report examines cash management dynamics, inherited liabilities, open market borrowings, and the structural roots of fiscal stress, including high committed expenditure and weakening revenue. It analyzes budget management and fiscal discipline, the Kerala Infrastructure Investment Fund Board’s standing, public sector enterprise impacts, and development expenditure trends, ending with an actionable way forward supported by comparative appendices and referenced data sources.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/keralas-fiscal-health-a-status-report/296732/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/keralas-fiscal-health-a-status-report/296732.png","ImageObject",300,407,{"name":92,"@type":93},"Bulrr","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-11","2026-09-18",true,{"@type":102,"interactionType":103,"userInteractionCount":56},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the purpose of the status report on Kerala’s fiscal health?","Question",{"text":112,"@type":113},"The report provides an analytical baseline for transparency, accountability, and reform, supported by clear objectives, scope, and coverage across fiscal dimensions.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Which fiscal stress factors does the report analyze?",{"text":117,"@type":113},"It examines cash management, inherited arrears and liabilities, open market borrowings, reliance on liquidity support, and structural drivers such as high committed expenditure, weaker revenue, non-compliance with fiscal rules, and declining transfers.",{"name":119,"@type":110,"acceptedAnswer":120},"How does the report treat the role of KIIFB and public sector enterprises?",{"text":121,"@type":113},"It assesses where KIIFB stands, including governance and borrowing costs compared with government, and evaluates how public sector enterprises’ performance affects Kerala’s fiscal stress, including specific utilities.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},296732,1790438972,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":56,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},5909892115043,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","KERALA’S FISCAL HEALTH  \nA Status Report  \nThis page is intentionally left blank  \nContents  \nList of Tables 7  \nList of Figures 11  \nAcronyms and Abbreviations 13  \nPreface 17  \nExecutive Summary 21  \nChapter 1 31  \nWhy This Status Report 31  \n1.1 Kerala at a Crossroads: The Case for Fiscal Transparency, Accountability  \nand Reform 31  \n1.2 The Moment Kerala Is At 32  \n1.2.1 A Generation with Higher Expectations 32  \n1.2.2 A Fiscal Position Under Structural Stress 33  \n1.2.3 A Parallel Fiscal Authority: The KIIFB Problem 36  \n1.2.4 A Dead Weight on the Budget: The PSU Burden 37  \n1.2.5 The External Constraint: Centre-State Fiscal Relations 38  \n1.2.6 A Structural Economic Vulnerability 39  \n1.3 Why a Status Report-and Why Now 39  \n1.3.1 Transparency-An Honest Baseline 40  \n1.3.2 Accountability-A Measurable Baseline 40  \n1.3.3 Reform Mandate-An Analytical Foundation for Action 41  \n1.4 What This Status Report Is-and Is Not 42  \n1.5 Specific Objectives ofThis Report 42  \n1.6 Scope and Coverage 43  \n1.7 Structure of This Report 44  \n1.8 A Note on Tone and Intent 44  \nChapter 2 47  \nCash Management, Inherited Liabilities and the Structural Roots of Kerala’s Fiscal Stress 47  \n2.1. Treasury Cash Balances-Annual and Monthly Position 48  \n2.1.1 Annual Closing Balances-2015-16 to 2025-26 49  \n2.1.2. Monthly Cash Flows-The Full Turbulence 50  \n2.2. Open Market Borrowings-Scale, Pattern and Dependence 52  \n2.2.1 OMB-Annual Trend 53  \n2.2.2 OMB Monthly Distribution-The March Problem 55  \n2.3. The RBI Safety Net and Overdraft 57  \n2.4. Inherited Arrears-Obligations as on 31 March 2026 60  \n2.5. The Structural Roots of Fiscal Stress 63  \n2.5.1. High Committed Expenditure and Shrinking Fiscal Space 63  \n2.5.2. The Cost of Fiscal Pre-emption: Declining Capital Expenditure 65  \n2.5.3. A Weakening Revenue Base 67  \n2.5.4. Persistent Non-Compliance with Fiscal Rules 71  \n2.5.5. Declining and Uncertain Central Transfers 72  \n2.6. Conclusion-Operations Reflect Structure 74  \nChapter 3 79  \nBudget Management and Fiscal Discipline 79  \n3.1 Introduction 79  \n3.2 Burgeoning Deficits 79  \n3.3 Revenue Receipts 83  \n3.4 Expenditure 85  \n3.5 Large Shortfall in Central Transfers in 2026-27 Budget 87  \n3.6 Conclusion 88  \nChapter 4 89  \nKerala Infrastructure Investment Fund Board – Where Does It Stand? 89  \n4.1 Overview 89  \n4.2 Origins and Evolution 89  \n4.3 Organisational Structure and Capacity 90  \n4.4 Current Financial Position 93  \n4.5 The C&AG Finding and Its Implications 95  \n4.6 Cost of Borrowing: KIIFB vs Government 96  \n4.7 Project Prioritisation and Distributional Concerns 98  \n4.8 Issues of Governance and the Way Forward 100  \n4.9 Recommendations 101  \n4.10 Conclusion 102  \nChapter 5 103  \nPublic Sector Enterprises and Fiscal Stress 103  \n5.1 Profile of Public Sector Enterprises in Kerala 103  \n5.2 Financial Performance of Public Sector Enterprises 107  \n5.3 Fiscal Impact of PSEs Performance 110  \n5.4 Performance of three public utilities 113  \n5.4.1 Kerala State Electricity Board Limited (KSEBL) 113  \n5.4.2 Kerala State Road Transport Corporation (KSRTC) 118  \n5.4.3 Kerala Water Authority (KWA) 119  \n5.5 Recommendations 120  \nChapter 6 127  \nDevelopment Expenditure and Fiscal Stress 127  \n6.1 Trends in plan expenditure and its composition. 128  \n6.2 Plan expenditure for Scheduled Caste &  \nScheduled Tribes development 134  \n6.3 Conclusions and Recommendations 139  \nChapter 7 141  \nThe Way Forward 141  \n7.1 Part A 141  \n7.2 Part B 147  \nAPPENDIX A 157  \nRevenue Performance of Kerala in a Comparative Perspective 157  \nA.1 Introduction 157  \nA.2 Composition of Revenue 159  \nA.3 Central Devolution and Non-Tax Revenue 165  \nA.4 Revenue Buoyancy 167  \nAPPENDIX B 169  \nKerala's Expenditure, Debt and Deficit: A Comparative Analysis 169  \nB.1 Introduction 169  \nB.2 Composition of Expenditure 169  \nB.3 Debt Profile 176  \nB.4 Deficits 177  \nAPPENDIX C 181  \nC.1 Worsening Centre-State Fiscal Relations: Kerala as an Illustration 181  \nC.2.The Shrinking Di","cbCainSnQ5JSuUMU","https://ap.wps.com/l/cbCainSnQ5JSuUMU","pdf",3373104,195,"English","# Contents\n## List of Tables\n## List of Figures\n## Acronyms and Abbreviations\n## Preface\n## Executive Summary\n## Chapter 1 Why This Status Report\n## Chapter 2 Cash Management, Inherited Liabilities and the Structural Roots of Kerala’s Fiscal Stress\n## Chapter 3 Budget Management and Fiscal Discipline\n## Chapter 4 Kerala Infrastructure Investment Fund Board – Where Does It Stand?\n## Chapter 5 Public Sector Enterprises and Fiscal Stress\n## Chapter 6 Development Expenditure and Fiscal Stress\n## Chapter 7 The Way Forward\n## Appendix A Revenue Performance of Kerala in a Comparative Perspective\n## Appendix B Kerala's Expenditure, Debt and Deficit: A Comparative Analysis\n## Appendix C Worsening Centre-State Fiscal Relations: Kerala as an Illustration\n## A Note to the Readers on Data and Sources\n## Acknowledgements","[{\"question\":\"What is the purpose of the status report on Kerala’s fiscal health?\",\"answer\":\"The report provides an analytical baseline for transparency, accountability, and reform, supported by clear objectives, scope, and coverage across fiscal dimensions.\"},{\"question\":\"Which fiscal stress factors does the report analyze?\",\"answer\":\"It examines cash management, inherited arrears and liabilities, open market borrowings, reliance on liquidity support, and structural drivers such as high committed expenditure, weaker revenue, non-compliance with fiscal rules, and declining transfers.\"},{\"question\":\"How does the report treat the role of KIIFB and public sector enterprises?\",\"answer\":\"It assesses where KIIFB stands, including governance and borrowing costs compared with government, and evaluates how public sector enterprises’ performance affects Kerala’s fiscal stress, including specific utilities.\"}]","KERALA’S FISCAL HEALTH - A Status Report | PDF",1789735961,491]