Indian economy is slowing down, but Kerala shows 7.5% growth
Galatta | 07:31 PM
Thiruvananthapuram: Kerala has been in the news for the right reasons regularly and it now has become the only state to see some cheer in the economy in these tough times. Reportedly, the state clocked a growth rate of 7.5% against the national rate of 6.8% which is spiraling. This is actually a step-up for the state from the 2017-18 growth rate of 7.3%.
Though mired by problems like Nipah, Sabarimala controversy and the floods - not to mention the new Coronavirus - Kerala has had all the reasons to feel alright with a slow-paced economy. Even as the Centre is accused of smudging data and calling a 'falling' economy as a slow-growth year, the state has truly seen growth, according to experts. though the Economic Survey-2019 claims that the national growth rate is at 6.8%, Congress MP Mahua Moitra had done some simple math on the floor and wondered if the growth rate really was at 3.3%.
Kerala's per capita income was Rs 1,48,078 - against the national average of Rs 93,655. The manufacturing sector reportedly clocked in at 11.2% growth rate against last year's 3.7%. Around 13,826 MSME units began operating with a total investment of Rs 1,321.94 crore. NRI remittance, which constitutes 38.5% of the total bank deposits, increased by 11.83%. Revenue deficit and fiscal deficit reportedly decreased to 2.23% and 3.45% respectively, as against 2.41% and 3.83% in 2017-18.
State’s taxes formed the biggest contributor to the total revenue receipts, 54.54%. The share of central taxes was 20.50% and State’s non-tax revenue 12.69%. The Central grants stood at 12.27%.