Women who arrived for work await information after the Cochin Special Economic Zone, which is home to several industrial units, was closed as part of the Covid-19 containment measures in Kochi on October 1, 2020 (AP Photo / RS Iyer).
Kerala Budget 2021 LIVE UPDATES: One day before Kerala’s budget presentation, Finance Minister Thomas Isaac presented the government’s 2020 Economic Review at the State Assembly on Thursday. He said the state has suffered an economic loss in the order of Rs 1.56 lakh crore due to the Covid-19 pandemic and the subsequent shutdown. Several non-resident Keralites (NRKs) returned to the state from abroad due to the situation.
The Review states that natural disasters, including Cyclone Ockhi in 2017 and two consecutive floods in 2018 and 2019, also had a major impact on the state’s economy. “Natural disasters devastated the state economy and affected the lives and livelihoods of many and negatively affected the productive sectors of the economy,” he said.
Kerala’s economic growth rate fell to 3.45% in 2019-20 from 6.49% in 2018-19 due to calamities. “The quick estimate of the Keralas State Gross Domestic Product (GSDP) at constant prices (2011-12) is Rs 5.68 lakh crore in 2019-20 compared to the provisional estimate of Rs 5.49 lakh crore in 2018 -19, thus registering a growth rate of 3.45 percent in 2019-20. The corresponding growth rate in 2018-19 was 6.49 percent, “the Review said.
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