The Kerala government is likely to move the Supreme Court against the Centre's decision of slashing the state's borrowing limit from three per cent to two per cent of the state GDP.
Indications regarding the decision were given by former two-time CPI(M) State Finance Minister Thomas Isaac Isaac in his Facebook post saying the only option left is going the legal way as all other options have been exhausted.
"A letter regarding this was sent to the Prime Minister and the response is in no way acceptable and hence decks are getting cleared for one of Independent India's legal
battles concerning the concept of federalism," said Isaac.
As per the Finance Commission's guidelines, the state can take up to three per cent loans, but for some "strange reason" it has been pegged at two per cent and the "question that arises is can the Centre do this," pointed out Isaac.
The state has now asked the State Advocate general to seek a legal opinion from one of the country's top most legal brains K.K.Venugopal.
The present thought of going forward for a legal tiff with the Centre comes at a time when the total debt of Kerala was Rs 1,86,453.86 crore in 2016-17, has risen to Rs 3,35,641.15 crore in A2021-22, registering an increase of 80.01 per cent.
Isaac points out that the Centre is behaving in an inappropriate manner and that has to be set right and for that the only way now out is a legal battle.
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