STOCK MARKET BSE NSE

COVID-19 and lockdown may cost Kerala economy Rs 1 lakh crore

The actual loss to the Kerala economy due to Covid-19 and lockdown may be bigger than Kerala state planning board’s (KSPB) preliminary estimate of `80,000 crore.

Published: 05th May 2020 06:35 AM  |   Last Updated: 05th May 2020 01:14 PM   |  A+A-

Kerala CM Pinarayi Vijayan. (Photo | Express Illustrations)

Express News Service

THIRUVANANTHAPURAM: The actual loss to the Kerala economy due to COVID-19 and lockdown may be bigger than the Kerala state planning board’s (KSPB) preliminary estimate of Rs 80,000 crore.

KSPB and Gulati Institute of Finance and Taxation, tasked with assessing the damage, are yet to submit the final reports. Finance Minister Thomas Isaac said the crucial question was how long the coronavirus will persist.

“We’ll have a clear picture only by May-end,” he told TNIE.

The state’s GST revenue in April was Rs 161 crore against Rs 1,766 crore in the corresponding period last year. Revenue from land registration came down to Rs 12 crore from Rs 255 crore and motor vehicle tax to Rs 4 crore from Rs 300 crore.

Economist and Kerala Public Expenditure Review Committee former chairman BA Prakash said "losses in the final days of lockdown would be lesser as there are relaxations and several shops are allowed to function,” he said.

Prakash said his assessment is that the state suffered loss worth Rs 70,000 crore in 40 days of lockdown.

“This assessment was based on the GSDP figures of 2018-19. Hence, there would be a 10% underestimation. The actual loss will be around Rs 77,000 crore,” he said.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp