Kerala

Amid economic slowdown in India, Kerala records 7.5 per cent growth

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THIRUVANANTHAPURAM: As the rest of the country reels under slowdown, Kerala has bucked the trend by registering a 7.5 per cent growth in 2018-19, up from 7.3 per cent in 2017-18.

The state’s growth rate is higher than the all-India GDP growth rate of 6.8 pc, says the Economic Review 2019 tabled in the assembly on Thursday.

The state’s per capita income in FY 19 was Rs 1,48,078 when compared to the national average of Rs 93,655.

The manufacturing sector too sprung a surprise by registering 11.2 per cent growth compared to 3.7 per cent in the previous year.

A total of 13,826 MSME units started operations with a total investment of Rs 1,321.94 crore.

NRI remittance, which constitutes 38.5 per cent of the total bank deposits, increased by 11.83 per cent in FY 19 as against the previous fiscal.

The growth in domestic deposits, which constitute 61.5 per cent of the total deposits, was 9.45 per cent.

Revenue deficit and fiscal deficit in 2018-19 decreased to 2.23 per cent and 3.45 per cent, respectively, as against 2.41 per cent and 3.83 per cent in 2017-18.

State’s taxes formed the biggest contributor to the total revenue receipts, 54.54 per cent.

The share of central taxes was 20.50 per cent and state’s non-tax revenue 12.69 per cent and central grants, 12.27 per cent.

Agriculture recorded a negative 0.5 per cent growth, a worrying dip from 1.7 per cent in the previous fiscal. The review blamed the floods for this.

But there is good news from the fisheries sector. Fish production, which had been declining since 2015-16, witnessed a significant increase in FY 19, 8.01 lakh tonnes. Kerala had 133.34 lakh motor vehicles as on March 2019.

The growth of vehicle population in the state was 10.7 pc over 2018.

The growth so far

“The growth in our industrial sector is indicative of the changing body language of Kerala,” said Finance Minister Thomas Isaac.

Speaking to reporters on Thursday, the minister stated that this was a testament to the state economy’s power to overcome any adverse situation.

  • 823 sq km increase in forest cover.

  • 54.42% of the state’s total geographical area comprise of forests.

  • I4,442.74 cr turnover of state PSUs in FY 19, an increase of 17.9%.

  • 1,63,558 students shifted from Pvt to govt and govt-aided schools.

  • 21 lakh NRKs in 2018 — a 12% drop from 24 lakh in 2013.

  • 65.61 per cent is the current CD ratio of scheduled commercial banks, an increase from 63.90 in FY 18.

Haemophilia patients keep fingers crossed

Hundreds of haemophilia patients in the state pin their hopes on the 2020-21 budget.

They expect that their repeated demands for allocating a specified amount for treatment and medicine will come as a budgetary announcement this time.

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