Kerala's GSDP grew 8.24 per cent in 2012-13

Placed in the Assembly by finance minister KM Mani, the Economic Review for 2013 said recent nationalisation policies implemented in the Gulf would put added pressure on the state economy

Kerala registered an 8.24 per cent growth in 2012-13 though the state economy faced challenges from the global and national fronts, according to the Economic Review for 2013.

Placed in the Assembly today by finance minister KM Mani, the review said recent nationalisation policies implemented in the Gulf would put added pressure on the state economy. Total debt liabilities stood at Rs 1,03,561 crore at the end of 2012-13 as compared with a debt of Rs 89,418.18 crore in 2011-12. Internal debt also grew 18.47 per cent during the year, the review said.

The fall in rupee resulted in a jump of NRI deposits in Kerala, especially during April to June 2013, and the total NRI deposits stood at Rs 75,882 crore as on June last year, it added.

The review said Kerala had the highest unemployment rate, which is almost three times the all-India rate. According to the current daily status approach, Kerala's unemployment rate for those aged between 15 and 59 years was 16.5 per cent as against the national average of 5.8 per cent.

The tourism sector continued to grow with the industry contributing total revenue of Rs 20,430 crore from direct and indirect sources in 2012. Foreign tourist arrivals in 2012-13 was 7,93,690, an increase of 8.28 per cent from last year. The number of domestic tourists visiting the state during the period stood at 10,076,854.

The review also said that with subdued growth at global and national levels, Kerala in the short run has little room for optimism in its own growth prospects. It wanted the Centre to provide adequate assistance to Kerala to face various second-generation challenges such as preserving the environment, ageing population, high unemployment among educated people, mounting lifestyle diseases and migration related concerns.