Kerala economy grew by 9.89% in FY10

Kerala's economy grew by 9.89 per cent in the 2009-10 financial year and the state's public debt stood at Rs 70,969 crore (Rs 709.69 billion) at the end of the fiscal, according to the Economic Review-2010 tabled in the Assembly on Wednesday.

The net state domestic product at constant prices (2004-05) was Rs 1,59,143.62 crore (Rs 1,591.43 billion), compared to the provisional estimate of Rs 1,44,818.95 crore (Rs 1,448.18 billion), translating into 9.89 per cent growth, the review tabled by Finance Minister T M Thomas Issac on the eve of the Budget for the 2011-12 financial year said.

However, at current prices, the state's income grew by 14.64 per cent in 2009-10, compared to 14.70 per cent in 2008-09, the review said.

The contribution from the primary, secondary and tertiary sectors to the Gross State Domestic Product at constant prices was 12.01 per cent, 21.71 per cent and 66.28 per cent, respectively.

Total debt of the state increased from Rs 20,176.10 crore (Rs 201.76 billion) in 1999-2000 to Rs 70,969 crore (Rs 709.69 billion) in 2009-10, the review said.

Of the total debt, Rs 43,368 crore (Rs 433.68 billion) was internal debt, Rs 21,296 crore (Rs 212.96 billion) was in lieu of small savings and provident fund commitments and the remaining Rs 6,305 crore (Rs 63.05 billion) was toward loans and advances from the Centre.

The report said the estimated growth in tax revenue during 2010-11 was 18.49 per cent, as against actual growth of 10.22 per cent in 2009-10.

Total tax revenue collected during 2009-10 was Rs 17,625.02 crore (Rs 176.25 billion) and the Budget estimate for 2010-11 was Rs 20,884.23 crore (Rs 208.84 billion), the report said.