City
Epaper

KIIFB is a big bluff: Oommen Chandy on Kerala minister project

By IANS | Updated: September 2, 2020 15:30 IST

Thiruvananthapuram, Sep 2 Two-time former Kerala Chief Minister Oommen Chandy on Wednesday said that the flagship project of ...

Open in App

Thiruvananthapuram, Sep 2 Two-time former Kerala Chief Minister Oommen Chandy on Wednesday said that the flagship project of State Finance Minister Thomas Issac, the Kerala Infrastructure Investment Fund Board (KIIFB), was nothing but a bluff as the 'announcements made on the project and the reality do not match at all'.

The KIIFB is a government owned financial institution formed to mobilise funds for infrastructure development from outside the state revenues. The minister has been highlighting the project frequently.

The reason why Chandy has taken on Issac and the KIIFB is a four-page advertisement in the newspapers recently.

"This KIIFB advertisement has cost the state exchequer a staggering Rs four crores, when the state is passing through one of its worst financial crisis. The ad claims that 730 projects of varying sizes and shapes costing Rs 57,000 crores have been sanctioned," said Chandy.

"Since 2016 (when Issac took over as the Minister) till now the KIIFB was able to raise Rs 15,315.25 crores, of which only Rs 5,957.96 crores have been utilised in various announced projects. Two thirds of the projects announced in 2016 are yet to get sanction and those projects which have begun, are now moving at a snail's pace.

"Now with just seven months time left for this government, all the announced projects won't even be able to get the administrative sanction. These are nothing but gimmicks meant for the upcoming elections," said Chandy adding, "Where is the money going to come from?"

Chandy alleged that Issac is borrowing from all quarters while the total public debt as in 2015-16 (when Chandy demitted office) was Rs 1,57,370.33 crores.

"And since they took over till today that has gone up by Rs 1,06,088.96 crores and by the time this government's tenure ends, the total public debt of Kerala will be in excess of Rs three lakh crores. Due to the wasteful expenditure and lavish spending, Kerala will end up in deep trouble," added Chandy.

Two crucial elections are round the corner in the state the local body polls to be held in October and the Assembly polls in April/May next year.

The KIIFB is a statutory body constituted through the Kerala Infrastructure Investment Fund Act, 1999.

( With inputs from IANS )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Kerala Infrastructure Investment Fund BoardassemblyThomas IssacOommen Chandy
Open in App

Related Stories

MaharashtraMaharashtra Election Results 2024: Vijay Vadettiwar Confident of MVA's Victory, Claims Mahayuti Will Be Out by Noon

NationalOmar Abdullah Asserts 'We Are Not Among Those Who Cheat' Amid J&K Assembly Ruckus Over Article 370

NashikMaharashtra Assembly Election 2024: Devayani Pharande’s Re-Election Bid Strengthened as NCP and MNS Candidates Withdraw in Nashik Central

PuneCongress Loyalist Aba Bagul Files Nomination As Independent Candidate From Parvati in Pune

EntertainmentNo need to register case against actor Vinayakan, says Oommen Chandy's son

Politics Realted Stories

MaharashtraPower Struggle in Maharashtra? Gulabrao Deokar, Satish Patil Join Ajit Pawar’s NCP Amid Mahayuti Rift

Maharashtra'Unity Not Just for Elections': MNS Leader Sandeep Deshpande on Possible Thackeray Alliance

PoliticsMurshidabad Violence: Shehzad Poonawalla Slams Yusuf Pathan Over Tea Post, Says, “As Hindus Get Slaughtered…”

PoliticsTamil Nadu Assembly Elections 2026: BJP-AIADMK Join Hands, Palaniswami To Lead Alliance, Says Amit Shah

Politics‘No Injustice to Muslims’: Shiv Sena Leader Manisha Kayande Slams Opponents of Waqf Amendment Bill