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Kerala Kaumudi Online
Tuesday, 16 July 2024 8.30 AM IST

Economic survey; Kerala moving forward with growth and decline

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THIRUVANANTHAPURAM: Despite the crisis, the state recorded an economic growth of 6.6 percent. The figure is from the economic survey report released yesterday ahead of Monday's budget. The national average is just 5.9 percent.

It is also said that the state has grown in the manufacturing sector in agriculture, industry and services. The announced schemes of the government are also progressing well. It had jumped to 12.1 percent last year after a minus 8.4 percent slump during the Covid period, but it could not be sustained.

In the production of major agricultural crops like paddy, coconut and pepper, the only increase was in coconut. Hotel and restaurant sector, real estate and construction sector are also weak. The cost of capital is as low as 2.75 percent. This also affected the construction of roads.

Public debt decreased from 35.92 percent to 34.62 percent and credit from 3.99 percent to 2.44 percent. However, the fact is that the debt has decreased because the central government has not allowed borrowing. Economic survey figures are based on the gross domestic product (GDP) and inflation.

No benefit provided; Revenue deficit reduced

Revenue deficit decreased from 2.23 percent to 0.88 percent. Revenue expenditure is the salary and pension expenditure of the government. DA has not been given. Salary and pension revision costs are outstanding. 40,000 crore which includes benefits including surrender of leave has been deferred. This is how the revenue deficit fell. Reduction in revenue deficit and debt is an advantage for the government but withholding benefits is a setback for the people.

Total expenditure increased

Total expenditure increased from 10.44 per cent to 10.58 percent even as capital and revenue expenditure declined. This is the expenditure incurred by the government.

Growth

  • First in the country in health index
  • First in Human Development Index
  • Second in the country in providing employment
  • Reached 15th position from 28th in Ease of doing
  • Per capita income has increased from 1.64 lakhs to 1.74 lakhs
  • Tax revenue increased from 23.36 percent to 44.5 percent

Decline

  • Road development decreased from 3,31,904 km to 2,35,634 km
  • Expenditure on agriculture decreased from Rs 761.81 crore to Rs 401.93 crore.
  • Public works expenditure has decreased from 2712 crores to 2560 crores
  • Agricultural production fell from 6.91% to 4.96%
  • Industrial production growth fell from 20.79 percent to 14.19 percent
  • Growth in the services sector fell from 24.8% to 11.53%

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