Economic Review Report that Kovid and natural disasters have affected the state’s economy. Kerala’s growth rate and GDP growth rate have slowed down. The state’s public debt has increased. The report also states that expatriates are returning in droves, raising concerns.
The Economic Outlook for 2019-20 shows the critical economic situation of the state. The growth rate was below the national average. GDP growth rate. It has declined from 6.49 per cent in the previous year to 3.45 per cent in 2019-20. Kovid will significantly affect the economy of Kerala.
The growth rate will slow to 26 percent in the first quarter of this fiscal. Revenue collection declined by Rs 2,629.8 crore. The share of central taxes and grants decreased by 2790.82 crore. Own tax revenue in 2018-19 was nine per cent to minus O.6. The debt of the State increased to 260311.37 crore.
Domestic debt accounted for 64.08 per cent of last year’s debt. Domestic debt increased to Rs 165960 crore. At the same time, non-tax revenue increased by 4.09 per cent. Lottery revenue rose 7.65 percent. The growth rate of agriculture and allied sectors will remain negative. Paddy production increased from 1.52 to 5.24. Kernel cultivation increased by 46 per cent and vegetable production by 23 per cent. The tourism sector has suffered a major setback.
According to the report, the loss during the first nine months of 2020 was Rs 25,000 crore. Another concern is the return of expatriates en masse. According to the 2018 Kerala Migration Survey, 60 per cent of the total expatriates have returned. According to the Economic Review, 12.95 lakh expatriates have returned. The unemployment rate has dropped to nine percent, the report said.
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