The Gross State Domestic Product (GSDP) of the State has recorded an impressive growth during the past three years, says the Economic Review 2019.
From the 7.3% posted in 2017, it rose to 7.5% in 2018-19. The average growth rate during the three years has been pegged at 7.2%. This was in contrast to the national growth rate of 6.9%.
The secondary sector comprising manufacturing, power and gas among others has posted a growth rate of 8.8 % followed by the tertiary sector with 8.4%, in 2018-19.
The primary sector recorded a negative growth rate of -1.43%, mainly on account of a slowdown in mining and quarrying sectors.
The agriculture growth rate during the tenure of the previous government was -.2.5 % . But in 2016-17 and 2018-19, it rose to 0.6%. The fall in cash crop prices and recurrent floods rendered a major jolt to the sector. But the area under paddy cultivation increased from 1.07 lakh hectares in 2016-17 to 2.03 lakh hectares in 2018-19.
The manufacturing sector grew at 11.2% against the 3.7% in the previous year. The total turnover of State Public Sector Undertakings under the Industries Department in 2018-19 was ₹ 3,442.74 crore, an increase of 17.9% from the previous year.
The Micro, Small and Medium Enterprises sector posted an impressive growth with 13,826 units starting operations in 2018-19. The investments in this sector has been pegged at ₹1,321.94 crore and generated 49,068 jobs.
While the per capita income was ₹1,48,078, the national average is ₹93,655. This also means that the average income per person in the State was 1.6 times the Indian average in 2018-19. The State has made significant advancements in Information Technology too. The State has 54% Internet penetration, which is the second highest in the country.
The number of Non-Resident Keralites has come down from 24 lakh in 2017-18 to 21 lakh in 2018-19. But the NRI deposits in bank has increased by 11.83% in 2018-19 compared to the previous year.
The revenue expenditure grew to ₹1,10,316.39 crore in 2018-19 against the ₹99,948.35 crore in 2017-18. Disbursal of the third and fourth instalments of the arrears of the 10th Pay Revision Commission was the main reason for the increase in revenue expenditure.
The share of Central taxes and duties with grant-in-aid and other receipts for Plan and non-Plan is decreasing, the review says.