THIRUVANANTHAPURAM: The annual accounts report submitted by the office of the Accountant General, Kerala, in the Assembly reveals that around 20 per cent of the total revenue expenditure of the state went towards paying pension and retirement benefits for the year 2017-18.
The report has pegged the payment of pension and other retirement benefits at Rs 19,938.41 crore in the last fiscal, which constituted around 19.95 per cent of the total revenue expenditure. The state has also seen an increase in the interest payment of its debt, which was around Rs 15,119.93 crore in the last fiscal, accounting for 15.13 per cent of the total revenue expenditure of the state.
The interest payment has seen an increase from Rs 12,116.50 crore in 2016-17 to Rs 15,119.93 crore in 2017-18, the report said. The state has also failed to meet the fiscal targets set as per the Kerala Fiscal Responsibility and Budget Management (Amendment) Act 2018.
‘Revenue deficit: R16,928.21 crore’
As per the report, the revenue deficit was Rs16,928.21 crore, 2.27 per cent of the GSDP that was Rs 6,86,116 crore, against the revenue deficit target of zero. Similarly, the fiscal deficit was Rs 26,837.41 crore, 3.91 per cent of the GSDP, while the fiscal deficit target was 3 per cent, the report said. The report also said the revenue expenditure grew from Rs 91,096.31 crore to Rs 99,948.35 crore, registering a growth of 9.72 per cent, while the capital expenditure decreased from Rs 11,286.24 crore to Rs 10,289.46 crore, down by 8.83 per cent, during 2016-17- 2017-18.
The direct transfer of Central scheme funds to the implementing agencies in the state has seen an increase of 40.81 per cent. As per the PFMS portal of the Controller General of Accounts, the Centre released Rs 5,242.39 crore to the implementing agencies during 2017-18 as against Rs 3,722 crore in 2016-17, which is an increase of 40.81 per cent.