Kerala has successfully attracted over Rs 91,575 crore in new investment projects in five years from 2018-19 to 2022-23, of which Rs 33,815 crore worth of projects were completed, generating 5 lakh direct and indirect jobs, according to a new study.

The study on 'Kerala Investment, Growth & Development 2018-19 to 2022-23', was conducted by the MSME Export Promotion Council jointly with the Confederation of Organic Food Producers & Marketing Agencies.

The study said projects worth Rs 403,770 crore are outstanding, of which Rs 277957 crore are pending completion. Once these projects are completed, direct and indirect new employment opportunities are expected to be created for over seven lakh people.

During the period (2018-19 to 2022-23), the pending projects worth Rs.12240 crore were revived.

MSME EPC chairman Dr D S Rawat, (former secretary general of Assocham), who released the report in New Delhi, stressed the need for setting up a high-powered committee under the chairmanship of the chief secretary to expedite the clearances of the projects languishing for clearances from different departments and avoid the escalation in cost.

Dr Rawat said Kerala which accounts for 2.8% of India’s population and 1.2% of land area contributes more than 4% to the GDP of India. Thus, the southern states' per capita income is 60 % higher than India’s average. This has fuelled internal migration to Kerala, especially for low-end jobs, even as a large number of Keralites have immigrated mostly to Gulf countries.

The study said Kerala has recorded an impressive industrial growth rate of 17.3% in the 2021-22 financial year, and the achievement of the manufacturing sector is even more impressive after recording a growth rate of 18.9%, higher than the national average. These achievements helped the state register an economic growth of over 12% in 2021-22.

The new investment projects announced by the private sector between the FY 2018-19 to 2022-23 were of Rs 23,232 crore and completed projects of Rs 9590 crore. During the period 2022-23, the private sector total investment projects outstanding were Rs 67,271 crore and under implementation of Rs 41,369 crore.

As per the CMIE data information on October 13, 2023, during 2022-23, the new investment projects announced by the private sector were of Rs 398 crore only, and completed projects worth Rs 1825 crore and revived the old projects of Rs 3216 crore.