Kerala’s Economic Triumph: Rs 33,815 Crore Worth of Completed Projects and 5 Lakh Jobs Generated
In a remarkable display of economic prowess, Kerala has not only attracted over Rs 91,575 crore in new investment projects from 2018-19 to 2022-23 but has also successfully completed projects amounting to Rs 33,815 crores. A study titled “Kerala Investment, Growth & Development 2018-19 to 2022-23,” conducted by the MSME Export Promotion Council in collaboration with the Confederation of Organic Food Producers & Marketing Agencies, reveals that these accomplishments have led to the generation of approximately five lakh new job opportunities, both direct and indirect.
The study emphasizes that as of 2022-23, the total outstanding investment projects in Kerala are valued at Rs 403,770 crore, with projects under implementation amounting to Rs 277,957 crore. Upon completion, these projects are expected to create employment opportunities for over seven lakh individuals. During the stated period, projects worth Rs 12,240 crore were revived, indicating a proactive approach to economic development.
Dr D.S. Rawat, the Chairman of MSME EPC and former Secretary General of ASSOCHAM, underscores the importance of expediting project clearances through the establishment of a high-powered committee under the Chief Secretary’s chairmanship. Kerala, contributing over 4% to India’s GDP despite accounting for 2.8% of the population and 1.2% of the land area, boasts a per capita income 60% higher than the national average.
The study highlights Kerala’s impressive industrial growth rate of 17.3% in the financial year 2021-22, with the manufacturing sector achieving an even more remarkable growth rate of 18.9%, surpassing the national average. The state’s economic growth exceeded 12% in 2021-22, fueled by the success of new investment projects announced by the private sector, totaling Rs 23,232 crore, and completed projects amounting to Rs 9,590 crore.
Moreover, Kerala’s prowess in information technology is evident, with over 250,000 IT professionals in 2023, reflecting a substantial growth rate of 31% since 2016. The state government’s ambitious initiative to establish one lakh micro, small, and medium enterprises (MSMEs) has resulted in the formation of around 1.34 lakh enterprises, attracting an investment of Rs 8,110 crore and providing employment to 2.87 lakh individuals. With a robust digital ecosystem supported by government commitment, a thriving startup culture, and active industry participation, Kerala continues to emerge as a key player in India’s economic landscape.
