THIRUVANANTHAPURAM: With the Centre unlikely to heed Kerala’s plea to raise its borrowing limit to 4.5 per cent despite assessing the loss incurred due to floods to be more than Rs 40,000 crore, the state government is set to go for a crowdfunding model for resource mobilisation to rebuild Kerala.
Going by the model now, individuals and organisations will be able to adopt certain regions or villages for reconstruction.
The Cabinet meeting on Wednesday gave its nod to the preliminary report put forward by consultancy firm KPMG and decided to set up a mission to implement the project. Primarily targeting NRIs, the model aims to raise funds and accept sponsorships from individuals, organisations and other establishments.
Highly placed sources said the original proposal for crowdfunding came from the state’s Finance Department. So far, the support from the Centre has only been around Rs 1,000 crore.