Is the private sector showing more confidence in investing in Kerala? A latest report of Micro Small Medium Enterprises Export Promotion Council (MSME EPC) says Kerala announced private investment of Rs 23,231.79 crores in the last five years and completed projects worth 9589.35 crore in the same period.
The report says while projects worth Rs 191344.12 crore are under implementation, projects worth Rs 354062.9 crore announced over a period of time remain outstanding in the state.
The study conducted by MSME EPC in collaboration with the Confederation of Organic Food Producers and Marketing Agency has assessed the industrial growth and economic development of Kerala from the financial year 2018-19 to 2022-23.
The report says “during the FY 2018-19, the new investment projects announced by the private sector in the state were of Rs 69315.9 million, investment projects completed of Rs 47307.5 million, investment projects revived of Rs 6000.0 million, total investment projects outstanding were of Rs 720461.5 million and under implementation of Rs 386511.6 million. In 2019-20 the projects announced were of Rs 42759.4 million, completed of Rs 22452.5 million, total outstanding projects were of Rs 706996.4 million and under implementation of Rs 381011.7 million.”
“During the FY 2020-21, the new announced projects were worth Rs 27114.2 million, completed of Rs 7495.0 million, total outstanding were of Rs 711836.7 million and under implementation of Rs 384523.9 million. In 2021-22, the projects announced were of Rs 89151.4 million, completed of Rs 390.0 million, projects revived of Rs 750.0 million, outstanding projects were worth Rs 728623.9 million and under implementation of Rs 347703.1 million.”
“In 2022-23, the new investment projects announced by the private sector were of Rs 3978.3 million, investment projects completed were of Rs 18248.5 million, pending projects revived were of Rs 32160.0 million, investment projects outstanding were of Rs 672710.9 million and projects under implementation of Rs 413690.9 million.”
“In the financial year 2021-22, Kerala witnessed a remarkable growth of 17.3 per cent in the industrial sector and 18.9 per cent in the manufacturing sector, surpassing the national average. These achievements have propelled the state’s economic growth to over 12 per cent,” an official statement of the government said quoting the study report.
As per the government data, the state currently has around 300 large industries and 1,66,000 small-scale industrial units. Kerala’s contribution to the country’s GDP stood at over four per cent despite representing only 2.8 per cent of the country’s population and occupying 1.2 per cent of the land area.
To read the report click – Study on Kerala Investment, Growth & Development 2018-19 To 2022-23: A Land of Unlimited Opportunities.