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<ul><li>According to <keyword id="275909" type="PERSON" weightage="20" keywordseo="Thomas-Issac">Thomas Issac</keyword>, Finance Minister of <keyword id="28504" type="CITY" weightage="20" keywordseo="Kerala">Kerala</keyword>, the state has lost ₹50,000 crore due to the lockdown. </li><li>He added that the state cabinet will meet on Monday to decide how the lockdown measures should be after current spell ends on Tuesday (April 14) and it will be one which would be flexible.</li><li>Issac told the media that time is running out and Centre should now extend all possible financial help to the state. </li></ul>Finance Minister of Kerala Thomas Issac on Sunday said that the state has lost Rs 50,000 crore due to the lockdown which has been imposed to reign in coronavirus. Issac told the media that time is running out and Centre should now extend all possible financial help to the state. "We have now borrowed at high rates because, we will go to any extent to come to the help of people. When it comes to that, we don't look at the interest rate. The Centre should now stop talking and should act. If we are borrowing, then we are giving everything to our people. Other states are not doing the way we are helping the people in all respects. The Centre has to give what's ours and by the end of April the loss will be around Rs 55000 crore. They can very well borrow from the RBI and give us," said an angry Issac. He added that the state cabinet will meet on Monday to decide how the lockdown measures should be after current spell ends on Tuesday (April 14) and it will be one which would be flexible.

Kerala has lost ₹50,000 crore due to lockdown: FM Kerala Thomas Issac

By Manoj Rammohan New Delhi, Apr 12 () As states scramble to raise funds to fight the coronavirus pandemic, Kerala Finance Minister Thomas Isaac has urged the Centre to liberalise its fiscal policy by printing more currency and allowing states to borrow directly from the Reserve Bank. While expressing optimism that Kerala will get nod for issuance of pandemic bonds, Isaac also warned that the current limitations on the fiscal policy front could push states into a "debt trap". In a telephonic interview to , Isaac said states should not be forced to go to the capital markets at this time and the Centre should first raise the fiscal deficit limit as well as permit direct borrowing from the Reserve Bank. On Tuesday, Kerala had to offer an interest rate of 8.96 per cent for Rs 6,000 crore market borrowing for state development loan for a 15-year period. "All states are going for a lower amount and a shorter period. Now, the coupon rate is an average of eight-plus. The question is why the market is behaving like this... there is a freeze in the credit market. "There are limitations due to the fiscal policy. Government of India should directly borrow from the Reserve Bank, monetise the debt and also allow states to borrow from the Reserve Bank," he said. Otherwise, Isaac said the situation would put all state governments in a debt trap. "When the crisis ends, all state governments will be in serious unsustainable debt situation. GDP is going to be negative and paying around 9 per cent interest, then that is unsustainable. This policy will push state governments into a fiscal crisis," he said during the interview on Friday. Kerala, which has put in place stringent measures to curb spreading of coronavirus infections and flatten the curve, has come out with a Rs 20,000 crore package to deal with the current situation by front loading borrowings. "The central government is forcing state governments to cut their expenditure. This is a very crazy policy. In a slump, you are forcing state governments to cut expenditure," he said. Presently, a state is permitted to borrow up to 3 per cent of its Gross State Domestic Product (GSDP). "We already have hard budget constraints... We are permitted to borrow 3 per cent of the GSDP. We have front loaded our borrowings so that we are able to meet demands due to the crisis "... unless you provide basic necessities to the entire population who are under the lockdown you are not going to get compliance. This is what is proved by the experience in the major cities in India with flights of lakhs of people undermining the very motive of the lockdown," he said. Asserting that printing of money is "absolutely" practical and fits the time, Isaac cited the examples of the US Federal Reserve and the European Central Bank and said that is the pattern all over the world. The Federal Reserve and many other central banks are directly purchasing bonds as part of efforts to ensure liquidity in the market. While noting that the state government would be going to the market for raising a lower amount, Isaac stressed that if one is serious about fighting the coronavirus pandemic, then better that the money is available and there is no point in getting the money after one month when the whole country has gone to the dogs. On Wednesday, the minister said Rs 6,000 crore borrowed from the market on Tuesday is Kerala's share in the first tranche of the Rs 1.27 lakh crore market borrowing that the Centre allowed for the states in 2020-21. Paying 8.96 per cent interest for 15 years on this loan would leave the state in a deep debt trap from which it would be difficult to come out, Isaac had said. Emphasising that the central government should understand and be more liberal in its fiscal policy and support, the minister said more needs to be spent on relief. Kerala Chief Minister Pinarayi Vijayan has written to Prime Minister Narendra Modi regarding proposal to issue pandemic bonds, which will have a lower interest rate. When asked whether he was optimistic about getting the Centre's nod for issuance of pandemic bonds, Isaac replied in the affirmative. "Yes. Pandemic bonds will be specially for Covid related measures. It should be at a lower interest rate because it is not going to have any capital expenditure or revenue expenditure for giving relief to people...," he said. Pandemic bonds would effectively work like monetisation of fiscal deficit -- which means the central bank prints more money to pay for government debt by buying up government bonds and booking the same on its balance-sheet. To a query on whether any other practical option was being planned in case pandemic bonds issuance does not happen, Isaac said the central government has to change its policy. "I am certain that compulsions of the current situation will force the central government to change its fiscal policy which is as idiotic as the demonetisation policy," he noted. Later this month, Issac said he would be convening a webinar with representatives from states to discuss states' finances as well as the coronavirus situation. The webinar is scheduled to be held on April 27 and 28. RAM ABMABM

Covid-19: Allow states to directly borrow from RBI, says Kerala FM Thomas Isaac

Kochi, Apr 8 () Kerala Finance Minister Thomas Issac on Wednesday urged the Centre to allow states to launch 'pandemic bonds' having an interest rate under 5 per cent. The proposal comes against the backdrop of states looking to raise money to fund measures to deal with the coronavirus pandemic, which has resulted in more than 5,600 cases of infections across the country. Besides, the 21-day nationwide lockdown to curb spreading of the infection has caused economic disruptions. On Tuesday, Kerala had to offer an interest rate of 8.96 percent for Rs 6,000 crore market borrowing or state development loan for a 15-year period. "Chief Minister (Pinarai Vijayan) is writing to the Prime Minster seeking his intervention in allowing the states to launch pandemic bonds at a fixed interest rate of lower than 5 per cent. The Centre should also ask the Reserve Bank to buy these bonds and (those borrowings) should be kept off the balance-sheet of the states," Issac said in a Facebook post. The pandemic bond would effectively work like monetisation of fiscal deficit -- which means the central bank prints more money to pay for government debt by buying up government bonds and booking the same on its balance-sheet. The minister said Rs 6,000 crore borrowed from the market on Tuesday is the Kerala's share in the first tranche of the Rs 1.27 lakh crore market borrowing that the Centre allowed for the states in 2020-21. Paying 8.96 per cent interest for 15 years on this loan would leave the state in a deep debt trap from which it would be difficult to come out, Issac said. He also called upon the Centre to monetise the debt by borrowing directly from the Reserve Bank and divide the amount among states. The finance minister also said that the chief minister would request the Centre to hike the ceiling on states' fiscal deficit to 5 per cent from the present 3 per cent to tide over the deep financial constraints arising from the coronavirus pandemic. BEN TGB RAM RAM

Coronavirus outbreak: Kerala finance minister moots 'pandemic bonds' to tide over financial woes

New Delhi, Apr 14 () The Left parties on Tuesday said extending the lockdown till May 3 without any concrete planning by the government would further increase the suffering of the poor and the marginalised. "PM listed tasks that the people should implement during the extended lockdown. But nothing concrete on what the government will do. People were waiting for much-needed relief for a large number of our poor, marginalised and migrant labour," said CPI (M) General Secretary Sitaram Yechury.Addressing a press conference later, Yechury accused the central government of running away from its responsibility. "We the people" phrase from the Constitution that the PM referred to also includes the government, he said. He also said while 339 people have died of COVID-19 as per the official records, nearly 200 people have died in the country of hunger, lack of shelter, exhaustion and malnutrition. "The experience of the three-week lockdown has shown the large-scale spread of hunger and inadequate shelter for a significant section of our people. It is imperative that the government must immediately implement a Rs. 7500 ex-gratia cash transfer to all non-Income Tax paying families and resort to universal distribution of free foodgrains to all needy people. The central government must ensure that no starvation deaths occur," he said. He also said the rescue package announced by the Modi government was merely one percent of the total GDP while even a far smaller country like Malaysia is spending 16 per cent of the GDP. He also demanded that all registered MNREGA workers should be paid the wages and arrangement should be made to take the migrant workers home. Kerala Finance Minister Thomas Issac in a tweet listed out three key things that the centre must immediately do. "There is no option other than extending the lockdown. But Centre must learn lessons from the past 3 weeks. 1. Without extensive testing lockdown won't be effective. 2.Without income support compliance will be low. 3. Without additional resources states will be constrained," he said. CPI general secretary D Raja said while extension of the lockdown was expected, there was hope that the PM in his speech would outline an economic package on how to deal with the livelihood crisis that has emerged due to the lockdown. "For the people to live, they need livelihood," Raja said. "Modiji back patted himself on his government's 'timely' response and 'holistic' approach towards tackling the Covid-19 pandemic. He could've also congratulated himself for practising hand washing. He has completely washed his hands off the poor and toiling Indians," tweeted CPI (ML) General Secretary Dipankar Bhattacharya.CPI leader and MP Binoy Viswam said the PM failed to address the plight of migrant workers despite claiming that he understood their situation. "In his near 20-minute address, the Prime Minister stated that he understood the plight of the poor and daily wage worker who is most affected by the lockdown but failed to indicate any relief measures that might alleviate their suffering. Instead, the Prime Minister appealed to the people to stay where they are and not violate the lockdown, despite their sufferings," he said in a statement. Prime Minister Narendra Modi on Tuesday announced that the lockdown across the country will be extended till May 3 to fight the coronavirus pandemic, saying the measure has produced a significant outcome in containing the infection. India has reported 10,363 cases of the virus infection and 339 deaths so far. ASG GJS GJS RDMRDM

Extending lockdown without concrete measures to tackle virus meaningless: Left parties

New Delhi, Nov 20 () Opposition-ruled states on Wednesday expressed concern over delay in release of GST compensation which has put them in an acute financial position.
 In a joint statement here, the finance ministers of Delhi, West Bengal, Punjab, Rajasthan and Kerala said they are facing two months' delay in payment of GST compensation by the Centre.
 Speaking to reporters, West Bengal Finance Minister Amit Mitra said, "We thought we will make appeal to Union Finance Minister (Nirmala Sitharaman) saying that she must personally look into this and not violate the constitutional provisions as passed by parliament of India."
 All the states are in distress if this compensation which is due to them is not given, he said.
 "It is a dangerous situation, there is no precedence before," he said, adding this is the first time in history that there has been a delay.
 "States have not received GST compensation for August and September which is against constitutional amendment where it was stated clearly that states when they fall below below 14 per cent rate of growth of their GST (revenue), they will get compensation by the Centre. So far we have been receiving compensation," he said.
 As far as West Bengal is concerned, the pending amount stands at Rs 1,500 crore, he said.
 Kerala Finance Minister Thomas Isaac said the state was supposed to get Rs 1,600 crore.
 "Kerala (is) under overdraft for almost one week now. This is Centre engineered crisis in the state finance. It has never happened in the history of India. Something drastic has to be done," Issac said.
 Punjab is also under threat of overdraft if the dues are not released immediately, state Finance Minister Manpreet Singh Badal said.
 Punjab is awaiting Rs 2,100 crore as compensation while arrears stand at Rs 2,000 crore, Badal said.
 Echoing similar concerns, Delhi Deputy Chief Minister Manish Sisodia said due to delay in payment, finances of states are under pressure. The GST compensation due to Delhi is Rs 2,355 crore.
 In their joint statement, the ministers said no explanation whatsoever has been furnished for this delay and as a result, states are facing acute pressure on fiscals and some are already resorting to overdrafts.
 "GST comprises nearly 60 per cent of the tax revenues of States. Many states are already facing deficits up to 50 per cent of the total GST. Such huge deficits have the potential to disrupt the budget and planning processes in a host of areas literally bringing activities of the States to a grinding halt," it said.
 It was recalled that the assurance of GST compensation was a necessary enabler in states agreeing to subsume their fiscal sovereignty into GST. This was preceded by long deliberations within the Empowered Committee where many states had apprehensions about being able to obtain uninterrupted compensation, it added.
 "It was only after the required provisions for compensation were incorporated in the Constitution that States agreed to join the GST. The current delay has shaken the confidence of the States who have so far supported GST in a spirit of rare bonhomie. Despite many challenges from time-to-time States have extended their support to all major decisions of the GST Council," the statement said.
 They also suggested that the matter should be placed on the agenda of the next meeting of the GST Council and a healthy mechanism be evolved to provide compensation in future with due urgency and judiciousness. DP ABM

States express concern over delay in GST compensation; ask FM to expedite payment

Kerala's tally hits 587, with 87 active coronavirus cases, 497 recovered and three deaths

Brendan McDermid/ReutersIt was an intense day at Uber headquarters on Tuesday as employees finally learned the results of <a href="http://www.businessinsider.com/uber-holder-report-results-investigation-harassment-bro-culture-2017-6">a four-month investigation</a> by former Attorney General Eric Holder into Uber's workplace culture.There was much cheering as various board members spoke to the employees in an all-hands meeting to discuss changes they will make at the company, according to live tweets of the meeting by New York Times reporter Mike Isaac. Isaac was somehow listening in on the meeting, not there in person, <a href="https://twitter.com/MikeIsaac/status/874688886651314176">he explained.</a>The meeting even included a highly unusual moment when the company's HR chief Liane Hornsey asked everyone in the room "to stand up and give each other a hug," <a href="https://twitter.com/MikeIsaac/status/874680538967056385">Issac tweeted</a>. Even in the Valley, where startups have a reputation for developing tight-knit employee relationships, it's pretty rare for a company's HR person to recommend everyone hug each other during a company meeting.That might even go double when the company is also reeling under accusations of sexual harassment. At Uber, such allegations led to an investigation by a separate law firm that resulted in the firing of more than 20 Uber employees after <a href="http://www.businessinsider.com/uber-fired-more-than-20-employees-as-part-of-its-sex-harassment-probe-2017-6">the firm received 215 claims of sexual harassment and other bad behaviors</a> at the company.So Issac's tweet set off a stream of Twitter jokes.Here's a reference to the fact that Uber is <a href="http://www.businessinsider.com/uber-renames-war-room-to-peace-room-2017-6">changing the name of its conference room</a> from the War Room to the Peace Room as part of its culture make-over.Uber could not be immediately reached for comment. <h3>NOW WATCH: <a href="http://www.businessinsider.com/secret-iphone-codes-hide-caller-id-show-signal-strength-2017-5">These secret codes let you access hidden iPhone features</a></h3> Please enable Javascript to watch this video

Uber's HR chief asked employees to hug each other during the company's big meeting today

New Delhi, Nov 20 () Five opposition-ruled states on Wednesday hit out at the Centre over delays in releasing GST compensation saying their finances are in dire strait due to delays.
 AAP-ruled Delhi, TMC-run West Bengal, Congress-ruled Punjab and Rajasthan and Left-run Kerala in a joint statement said compensation since August is pending, making running administration difficult in the states.
 When the Goods and Service Tax (GST) subsumed 17 different central and state levies from July 1, 2017, states were promised that they will be compensated for any loss of tax revenues for five years due to the introduction of the new levy. The compensation was to be paid on a monthly basis but the same has not bee released so far for the months of August and September and that of October would be due soon.
 In all, some Rs 10,000 crore is due to the five states, the finance ministers of the opposition ruled states said.
 BJP-ruled states too would not have got compensation but they haven't yet spoken about it.
 The central government has so far commented on the issue nor has it given out reason for the delay.
 Speaking to reporters, West Bengal Finance Minister Amit Mitra said, "We thought we will make an appeal to Union Finance Minister (Nirmala Sitharaman) saying that she must personally look into this and not violate the constitutional provisions as passed by Parliament of India."
 All the states are in distress if this compensation which is due to them is not given, he said.
 "It is a dangerous situation, there is no precedence before," he said, adding this is the first time in history that there has been a delay.
 "States have not received GST compensation for August and September which is against constitutional amendment where it was stated clearly that states when they fall below 14 per cent rate of growth of their GST (revenue), they will get compensation by the Centre. So far we have been receiving compensation," he said.
 As far as West Bengal is concerned, the pending amount stands at Rs 1,500 crore, he said.
 Kerala Finance Minister Thomas Isaac said the state was supposed to get Rs 1,600 crore.
 "Kerala (is) under overdraft for almost one week now. This is Centre-engineered crisis in the state finance. It has never happened in the history of India. Something drastic has to be done," Issac said.
 Punjab is also under threat of overdraft if the dues are not released immediately, state Finance Minister Manpreet Singh Badal said.
 Punjab is awaiting Rs 2,100 crore as compensation while arrears stand at Rs 2,000 crore, Badal said.
 Echoing similar concerns, Delhi Deputy Chief Minister Manish Sisodia said due to delay in payment, finances of states are under pressure. The GST compensation due to Delhi is Rs 2,355 crore.
 In their joint statement, the ministers said no explanation whatsoever has been furnished for this delay and as a result, states are facing acute pressure on fiscal health and some are already resorting to overdrafts.
 "GST comprises nearly 60 per cent of the tax revenues of states. Many states are already facing deficits up to 50 per cent of the total GST. Such huge deficits have the potential to disrupt the budget and planning processes in a host of areas literally bringing activities of the States to a grinding halt," it said.
 It was recalled that the assurance of GST compensation was a necessary enabler in states agreeing to subsume their fiscal sovereignty into GST. This was preceded by long deliberations within the Empowered Committee where many states had apprehensions about being able to obtain uninterrupted compensation, it added.
 "It was only after the required provisions for compensation were incorporated in the Constitution that States agreed to join the GST. The current delay has shaken the confidence of the States who have so far supported GST in a spirit of rare bonhomie. Despite many challenges from time-to-time States have extended their support to all major decisions of the GST Council," the statement said.
 They also suggested that the matter should be placed on the agenda of the next meeting of the GST Council and a healthy mechanism be evolved to provide compensation in future with due urgency and judiciousness. DP ANZ
MKJ

Five state finance ministers lash out at Centre over delay in GST compensation

<div class="KonaFilter image-container float_right"><div class="image on-image">Sam Greenwood/Getty Images</div></div>The 2013 <keyword id="1147743" type="ORGANIZATION" weightage="60" keywordseo="Jacksonville-Jaguars">Jacksonville Jaguars</keyword> are <a href="http://www.businessinsider.com/jacksonville-jaguars-worst-team-nfl-history-2013-10">one of the worst teams ever</a>, and their awful draft record is a big reason why.
SI's Peter King dropped this nugget in <a href="http://mmqb.si.com/2013/11/04/gary-kubiak-jonathan-martin-monday-morning-quarterback/7/">his column Monday</a>: Of the 26 players drafted by Jacksonville between 2009 and 2011, just four are currently starting for the team.
That's astoundingly bad drafting.
As <a href="http://www.businessinsider.com/browns-2012-nfl-draft-richardson-weeden-2013-10">we've seen with the Cleveland Browns</a>, one horrible draft can sink a franchise. The Jaguars had four in a row, which created a lost half-decade for the team.
While it's tempting to blame the Jags front office for their ineptitude, this is actually just an extraordinary streak of bad luck.
University of Pennsylvania professor Cade Massey has studied the <keyword id="1608031" type="UNKNOWN" weightage="60" keywordseo="NFL-Draft">NFL Draft</keyword> and <a href="http://deadspin.com/study-nfl-teams-have-no-idea-what-theyre-doing-in-the-1378701238">concluded that there's really no science to it</a>.
"Something between 95 and 100 percent - I'm not exaggerating - of team differences in the draft is driven by chance," he said earlier this year.
Here are all of the Jags draft picks between 2009 and 2011. It's incredibly unlucky (starters in bold):
<ul>
<li>Justin Blackmon, WR (2012, first round): Suspended for entire 2013 season, entered rehab facility</li>
<li><keyword id="1862374" type="UNKNOWN" weightage="60" keywordseo="Blaine-Gabbert">Blaine Gabbert</keyword> (2011, first round): Benched</li>
<li>Tyson Alualu, DT (2010, first round): STARTER</li>
<li>Eugene Monroe, OT (2009, first round): Traded to Baltimore</li>
<li>Andre Branch, DE (2012, second round): Back-up</li>
<li>Eben Britton, OT (2009, second round): Signed with the Chicago Bears</li>
<li>Bryan Anger, P (2012, third round): STARTER</li>
<li>Will Rackley, G (2011, third round): STARTER</li>
<li>Terrance Knighton, DT (2009, third round): Signed with the Denver Broncos</li>
<li>Derek Cox, CB (2009, third round): Signed with the San Diego Chargers</li>
<li>D'Anthony Smith, DE (2010, third round): Cut during the 2013 preseason</li>
<li>Cecil Shorts III, WR (2011, fourth round): STARTER</li>
<li>Chris Prosinski, S (2011, fourth ground): Back-up</li>
<li>Mike Thomas, WR (2009, fourth ground): Traded to the Detroit Lions</li>
<li>Brandon Marshall, LB (2012, fifth round): Cut in the 2013 preseason</li>
<li>Rod Issac, CB (2011, fifth round): Cut in the 2012 preseason</li>
<li>Larry Hart, DE (2010, fifth round): Cut in the 2011 preseason</li>
<li>Austen Lane, DE (2010, fifth round): Cut in 2013 preseason</li>
<li>Jarett Dillard, WR (2009, fifth round): Cut in 2012 preseason</li>
<li>Mike Harris, CB (2012, sixth round): Back-up</li>
<li>Deji Karim, RB (2010, sixth round): Cut in 2012 preseason</li>
<li>Scotty McGee, CB (2010, sixth round): Cut in 2011 preseason</li>
<li>Zach Miller, TE (2009, sixth round): Cut after 2011 season</li>
<li>Jeris Pendleton, DT (2012, seventh round): Cut in 2013 preseason</li>
<li>Rashad Jennings, RB (2009, seventh round): Signed with Oakland Raiders</li>
<li>Tiquan Underwood, WR (2009, seventh round): Cut in 2011 preseason</li>
</ul>
Yikes.
As King points out, all of those picks were made by ex-GM Gene Smith, who was fired last year.
But the ratio here is so skewed that it's almost certainly driven by chance. Smith couldn't have drafted that badly if he tried.
The Jags should have the top pick in <a href="http://www.businessinsider.com/2014-nfl-draft-big-board-2013-10">the loaded 2014 NFL Draft</a>. The numbers say they should regress to the mean.

You Searched For "Thomas Issac" and got 10 results

Kerala has lost ₹50,000 crore due to lockdown: FM Kerala Thomas Issac

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Covid-19: Allow states to directly borrow from RBI, says Kerala FM Thomas Isaac

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Extending lockdown without concrete measures to tackle virus meaningless: Left parties

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States express concern over delay in GST compensation; ask FM to expedite payment

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Kerala's tally hits 587, with 87 active coronavirus cases, 497 recovered and three deaths

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Five state finance ministers lash out at Centre over delay in GST compensation

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