Kerala's tax revenue increased by 60% from Rs 47,000 crore in 2020-21 to Rs 77,000 crore in 2023-24, helping to counteract financial pressures from the central government, according to state Finance Minister K N Balagopal.

According to the report, the state's overall debt, inclusive of off-budget borrowings, stands at Rs. 3,83,267.15 crore. Excluding the GST compensation of Rs. 14,505.31 crore received as a back-to-back loan, the effective total liabilities amount to Rs. 3,68,761.84 crore. The report cautions that continued borrowing could lead to a dangerous accumulation of debt, resulting in increased interest payments for the government.