George, Justine and  Sasidharan, Nandu <br/><br/>
Fiscal stress in Kerala? Beyond off-budget and contingent liabilities 

 - Economic & Political Weekly   
 - 60(18), May 3, 2025: p.68-75 
<br/><br/> Fiscal federalism has been evolving and has created uneven challenges across the states. Kerala has been facing the dual challenge of inadequate resource mobilisation through its own sources of revenue coupled with changes in the share of central taxes. The emergence of off-budget borrowings and contingent liabilities is the state’s response to this fiscal situation. These liabilities have, however, been on the rise since 2018, raising concerns. – Reproduced<br/><br/>https://www.epw.in/journal/2025/18/sixteenth-finance-commission/fiscal-stress-kerala.html<br/>