Debt load headline: Kerala & Fed Treasuries
A thread highlighted Kerala’s public debt at ₹3.10 lakh crore — about 38% of GSDP — as an example of subnational fiscal strain (x.com). At the federal level, the US Fed still holds about $4.4 trillion in Treasuries on its balance sheet, a figure critics cite when debating monetary and fiscal policy tradeoffs (x.com).
Kerala’s outstanding public debt climbed from ₹78,673 crore in 2010–11 to ₹1.57 lakh crore by 2015–16 and to ₹2.97 lakh crore by 2020–21, illustrating the rapid build-up over the last decade. (english.dhanamonline.com) The Comptroller and Auditor General’s audit finds Kerala’s public debt grew at an average annual rate of 12.10% between 2018–19 and 2022–23, a pace the CAG flagged in its state finances report. (cag.gov.in) Kerala’s budget structure shows heavy fixed commitments: in 2023–24 salaries were about 30% of revenue receipts, pensions about 21%, and interest payments roughly 19%—squeezing discretionary spending. (cppr.in) State data and the finance minister say the debt‑to‑GSDP ratio has moved down from its pandemic peak to about 34.2% by 2023–24, and the state has relied on Centre‑approved additional borrowing while remaining within the 3% cap. (theweek.in) On the U.S. side, the Federal Reserve’s H.4.1 weekly release shows the System Open Market Account held $4,366,873 million in U.S. Treasury securities (about $4.37 trillion) as of the March 25, 2026 statement. (federalreserve.gov) Federal Reserve balance‑sheet data show total assets near $6.61 trillion on that same weekly release, and market trackers document that Treasury holdings have been pared by roughly $1.5–$1.6 trillion since their mid‑2022 peak as the Fed executed quantitative tightening. (federalreserve.gov)
