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The economy of Kerala is the 9th largest i … The economy of Kerala is the 9th largest in India, with an annual gross state product (GSP) of ₹9.78 lakh crore (US$131.98 billion) in 2020–2021. Per-capita GSP of Kerala during the same period is ₹205,484 (US$2,773.08), the sixth largest in India. In 2019–20, the tertiary sector contributed around 63% of the state's GSVA, compared to 28% by secondary sector, and 8% by primary sector. Kerala's high GDP and productivity figures with higher development figures is often dubbed the "Kerala Phenomenon" or the "Kerala Model" of development by economists, political scientists, and sociologists. This phenomenon arises mainly from Kerala's land reforms, social upliftment of entire communities initiated from the first democratic government of Kerala led by E. M. S. Namboodiripad and subsequently implemented by various governments ruled the state. Kerala's economy is primarily based on the concept of "democratic socialist welfare state". Some, such as Financial Express, use the term "Money Order Economy". Kerala is the second-most urbanised major state in the country with 47.7% urban population according to the 2011 Census of India, and has tried to maintain a pan-state economy rather than concentrating in some selected cities to develop. Kerala is the second-least impoverished state in India according to the Annual Report of Reserve Bank of India published in 2013, only after to Goa. Kerala, which accounts for 2.8% of India's population and 1.2% of its land area, contributes more than 4% to the GDP of India. Thus, the southern state's per capita income is 60% higher than India's average. This has fuelled internal migration to Kerala for low-end jobs, even as Keralites have emigrated—mostly to the Gulf countries—in search of better-paying jobs. Around 3,000,000 Keralites are working abroad, mainly in Persian Gulf; to where migration started with the Gulf Boom. The Kerala Economy is therefore largely dependent on trade in services and resulted remittances. In 2012, the state was the highest receiver of overall remittances to India which stood at Rs. 49,965 Crore (31.2% of the State's GDP), followed by Kerala, Punjab and Uttar Pradesh. The Migrant labourers in Kerala are a significant workforce in industrial and agricultural sectors of state. Kerala's economy was gradually shifting from an agrarian economy into a service-based one during the period between 1960 and 2020. With 12.5% of the labour force unemployed in 2016, Kerala sank from being the 11th in unemployment in India in the year before to being 3rd in the country. The 'Report on Fifth Annual Employment - Unemployment Survey for 2015-16' prepared by the Labour Bureau of the Union ministry of Labour and Employment indicates that Tripura had the highest unemployment rate of 19.7% in India, followed by Sikkim (18.1%) and Kerala (12.5%). In 2020 with unemployment rate around 5% , Kerala has managed to turn its fate around despite the corona virus pandemic affecting all sectors of the economy. The state's poverty rate is exceptionally lowest in the country at 0.71%; and it houses the Kottayam district which is the only one in the country with zero poor residents.e in the country with zero poor residents.
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, http://www.wikidata.org/entity/Q5333700 +
, http://dbpedia.org/resource/Economy_of_Kerala +
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| rdfs:comment |
The economy of Kerala is the 9th largest i … The economy of Kerala is the 9th largest in India, with an annual gross state product (GSP) of ₹9.78 lakh crore (US$131.98 billion) in 2020–2021. Per-capita GSP of Kerala during the same period is ₹205,484 (US$2,773.08), the sixth largest in India. In 2019–20, the tertiary sector contributed around 63% of the state's GSVA, compared to 28% by secondary sector, and 8% by primary sector.econdary sector, and 8% by primary sector.
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| rdfs:label |
Economy of Kerala
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| rdfs:seeAlso |
http://dbpedia.org/resource/Kerala +
, http://dbpedia.org/resource/Kerala_Gulf_diaspora +
, http://dbpedia.org/resource/Roads +
, http://dbpedia.org/resource/Migrant_labourers +
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