Kerala’s economy made strong recovery in 2021-22: Economic Review

Thiruvananthapuram : Kerala’s economy has posted a strong recovery in 2021-22 with Gross State Domestic Product (GSDP) at constant prices recording a robust growth of 12.01 per cent, compared to (-) 8.43 per cent in 2020-21.
According to the Economic Review tabled in the state Assembly by Finance Minister K N Balagopal on Thursday, this is the highest growth recorded since 2012-13 and gave the credit to the stimulus packages, along with other policy interventions of the state government, augmented growth, particularly at a time when economic activities were severely constrained, for the achievement.
It said in 2021-22, the sectoral composition of Gross State Domestic Product reveals positive developments across sectors.
“Agriculture and allied activities, industry and tertiary sectors grew 4.6 per cent, 3.8 per cent and 17.3 per cent respectively in 2021-22 over 2020-21. This was a very creditable record, particularly in the light of the fact that preceding year the sectors recorded negative growth”, the Economic Review said, adding that the state government achieved this robust growth despite the fiscal constraints set by the Government of India.
Also Read Over 340 mobile phones recovered in 2.5 months from Delhi jails “Several factors contributed to the growth. State interventions in the form of counter-cyclical fiscal policies, including two economic packages of Rs 20,000 crore announced in March 2020 and June 2021 respectively and a supplementary package of Rs 5,650 crore announced to support small industries, played an important role in recovery”, it said.
The review tabled prior to the presentation of the state budget said by the end of the 13th Five-Year Plan (2017-22), the state witnessed sweeping changes in public schooling, great changes in health facilities with regard to public access and quality, a transformation in major physical infrastructure and a new policy direction in industry and information technology.