Kerala secured Rs 91,575 crore investments during 2018-23

From 2018-19 to 2022-23, Kerala attracted Rs 91,575 crore in new investments, completed projects worth Rs 33,815 crore, and generated jobs for around 500,000 people. The study, "Kerala Investment, Growth & Development 2018-19 to 2022-23", conducted by MSME Export Promotion Council and Confederation of Organic Food Producers & Marketing Agencies, was released by MSME EPC Chairman Dr. D.S. Rawat. The report indicates that as of 2022-23, outstanding investment projects amounted to Rs 403,770 crore, with projects under implementation valued at Rs 277,957 crore. Upon completion, these projects are expected to create employment for over 700,000 individuals.

Dr. Rawat emphasized the formation of a high-powered committee, chaired by the Chief Secretary, to streamline project clearances and prevent cost escalations. Despite comprising 2.8% of India's population and 1.2% of its land area, Kerala contributes over 4% to the country's GDP, leading to a per capita income 60% higher than the national average. This economic success has prompted both internal migration to Kerala for lower-end jobs and significant emigration of Keralites, primarily to Gulf countries. The study highlights Kerala's remarkable industrial growth of 17.3% in the fiscal year 2021-22, with the manufacturing sector achieving an even more impressive growth rate of 18.9%, surpassing the national average.

Kerala, a pioneer in promoting, adopting, and utilizing information technology, is now home to over 250,000 IT professionals in 2023. This figure has significantly increased from 78,000 in 2016, reflecting a growth rate of 31% over the past six years. With expectations that the Indian software product industry will reach $100 billion by 2025, the state government is actively focusing on seizing this opportunity. Kerala's digital ecosystem is reinforced by a robust government commitment to digital transformation, a thriving startup culture, and substantial industry involvement in the economy. 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 generating 2.87 lakh jobs.