KERALA RISING · FROM EXPORTING PEOPLE TO EXPORTING IDEAS PROGRAM V E RI F I E D A C TI O N RE VE N UE ROLE SE N SI TI V I TY funds Tourism Excellence Verified onlocation rating Strongest Low– direct earner medium Volunteer Kerala Verified service hour Public-value; crosssubsidised Medium (neutrality ) Healthy Kerala Verified healthy attendance Public-value; avoided cost High (clinical/pr ivacy) Green Kerala Survived planting Corporate ESG patronage Low Exhibit 11 – The seven programs as a portfolio. The revenue-role column is the key to the financial model: a few strong earners carry the public-value programs. The portfolio logic is the part a finance minister should hold onto. Tourism Excellence and Safe Roads have direct buyers; operators and boards, insurers, and can more than cover their own cost. Cleanliness builds the Reward Partner and patron base that every later program inherits free. Water Secure and Green Kerala convert behaviour into fundable, audited assets. And Volunteer and Healthy earn little directly but produce the largest public value, which the strong earners cross-subsidise under the institution’s reinvestment policy. Seven programs, one machine, and a portfolio in which the 201