Pinarayi Vijayan terms Sudha Pillai committee report on KIIFB a mere political document

Keralam’s Leader of the Opposition Pinarayi Vijayan on Friday accused the UDF government of backing the Centre’s agenda to destroy the Kerala Infrastructure Investment Fund Board (KIIFB) which “gave wings to Keralam’s development dreams.”

In a social media post, he described the report of the Sudha Pillai committee, which examined KIIFB operations, and Chief Minister V.D. Satheesan’s glorification of it as tantamount to throwing a challenge to the State. The report, placed in the State Assembly, was a mere political document that has copied down the “baseless allegations” levelled by the Chief Minister, Mr. Vijayan said.

Through KIIFB, the previous LDF government realised basic infrastructure development that would otherwise have been possible only over a period of 25 or 50 years. Destroying KIIFB would not just be a historical blunder, but also a cruelty towards the present and future generations, he said.

Privatisation agenda

Mr. Vijayan accused the UDF government of pursuing a privatisation agenda in drawing the curtain down on KIIFB. “Does the UDF government have an alternative to KIIFB for capital investment in the State? UDF MLAs also should explain how the development projects in their constituencies will be implemented,” he said, adding that the State would resist any attempt by the UDF government to scuttle KIIFB, which had cleared projects valued at nearly ₹1 lakh crore by securitising future revenues.

Development projects valued at ₹40,000 crore have been completed by now via KIIFB. This extra-budgetary resource mobilisation, apart from the Plan fund, changed the face of the State. The model also opened up the possibility of allocating more money for welfare, health and education via the Budget, Mr. Vijayan said.

‘Major funding initiatives’

Major funding initiatives undertaken by KIIFB included land acquisition for the Kochi-Bengaluru industrial corridor, Kochi Water Metro, Transgrid, KFON, the Life Science Park at Thonnakkal, and the Kochi Petrochemical Park. KIIFB also made the rehabilitation of the Chooralmala-Mundakkai landslide victims possible. It was also through KIIFB that the State government mobilised ₹6000 crore, or 25% of the land acquisition cost for National Highway development, Mr. Vijayan said.

The UDF government is surrendering the State’s interests to the Centre at a time when the question whether KIIFB borrowings can be deemed direct debt of the State is before the Constitution Bench of the Supreme Court, he added.