KOCHI: The state has to increase its investment in infrastructure significantly for the creation of a new Kerala (Navakeralam), said former finance minister T M Thomas Isaac. He was speaking after releasing the autobiography of economist K K George, titled ‘A Journal of My Life’. Isaac said Kerala had drawn worldwide attention for its development initiatives based on judicious distribution.
“Even when this approach was widely discussed, doubts on its sustainability were also raised. The major criticism was that even if Kerala experiences economic growth, there will be limitations for making investments in the social sector if the state is not able to improve its fiscal situation,” he said.
The former finance minister said the formation of Kerala Infrastructure Investment Fund Board (KIIFB) was aimed at making capital expenditure through the agency as the government’s funds are limited.
“The entire purpose is to generate funds for social welfare schemes from the revenue earned through capital investments,” he said.
Isaac said professor George was one of the first economists who pointed out the limitations that would arise in the path of Kerala’s development. He said economists, including George and Prof I S Gulati, had always stood along with the state. Justice C N Ramachandran Nair (retd Judge, High Court of Kerala) received the first copy of the autobiography.
KCHR chairperson P K Michael Tharakan presided over the function held at the Cochin University of Science and Technology (Cusat). Industries Minister P Rajeeve, who was the chief guest at the event, said George, from very early on, had predicted the changes that would happen in Kerala’s economic and social scenarios. The programme was organised jointly by the Centre for Socio-Economic and Environmental Studies, Gulati Institute of Finance and Taxation (GIFT) and Friends of KKG. George was honoured by Dr K J Joseph, director, GIFT, and professor Jagathy Raj V P, director of SMS, Cusat.