Thursday, Mar 20 2025 | Time 17:18 Hrs(IST)
Business EconomyPosted at: Feb 21 2025 11:21PM


Kerala on track to reach USD 1 trillion by 2047: Experts

Kochi, Feb 21 (UNI) Spurred by strategic investments, sustainable development and thriving business ecosystem, Kerala is on track to become a Rs 88 lakh crore (USD 1 trillion) economy by 2047, experts said at Invest Kerala Global Summit (IKGS 2025) here on Friday.
Speaking at a session on ‘Kerala Towards USD 1 Trillion Economy,’ they opined that the state can build India’s first sustainable trillion dollar economy. The February 21-22 event is being held at Lulu Bolgatty International Convention Centre.
In his special address on the topic, KSIDC Chairman C Balagopal said Kerala’s Gross State Domestic Product (GSDP) has doubled every 6-7 years since 2000.
He also noted that strategic investments, sustainable initiatives in major sectors, connectivity and thriving entrepreneurial ecosystem are the key enablers for the growth.
“During the period from 1950-70, land reforms have created an equitable society and distributed economic power. From 1980-90, the state was able to build a productive workforce and a high human development index. Focus on IT happened during 1990-2000, with the birth of three IT Parks and Kerala Startup Mission, which laid the foundation for a modern economy,” Balagopal observed.
After 2000 onwards, he said the state is witnessing significant growth in tourism and sustainable development.
IBS Software Founder & Executive Chairman V.K. Mathews said India has grown from USD 0.72 trillion to USD 3.86 trillion in the last 20 years that adds to around 8.6 percent Compound Annual Growth Rate (CAGR) whereas in 2004-05 Kerala’s economy was 0.97 lakh crores and in this financial year, it is projected to become 13.1 lakh crores (13.7 per cent CAGR during the last 20 years).
He said it is absolutely possible for the state to achieve USD 1 trillion target, as 17 percent of the global economy is digital today or roughly around USD 18 trillion in size, and Kerala needs to grow substantially.
“We need a ‘Clean Kerala’ in the aspects of waste management and clean rivers and backwaters, ‘Safe Kerala’ in infrastructure perspective and digitally-enabled Kerala. The government should create the best of laws and regulations and leave it to the private sector to play with that,” he added.
Lulu Financial Holdings Managing Director Mr Adeeb Ahamed said the private sector innovation of building businesses that balance profitability with environmental and social responsibility is vital for state’s growth.
O/E/N India Ltd. Managing Director Ms. Pamela Anna Mathew highlighted the need for more coordination among government entities and sustainable development initiatives.
Meeran Group Chairman Navas Meeran said Kerala has made a remarkable progress to its goal of transforming into a knowledge-based economy. A lot of job opportunities are being created in the cutting-edge technologies sector in the state, he added.
Invest India Senior VP & Chief Strategy Officer Sidharth Narayanan were also present. The Economics Times Executive Editor Mr. Sruthijith KK was the moderator.
UNI DS GNK
Please log in to get detailed story.
Tags: #Kerala on track to reach USD 1 trillion by 2047: Experts
More News

Rupee rises 5 paise against USD

20 Mar 2025 | 4:34 PM

Mumbai, Mar 20 (UNI) The Rupee on Thursday gained 5 paise to close at 86.37 against the US Dollar on brisk selling of USD by bankers and importers, dealers at the Forex Market said.

see more..

Sensex zooms 899 01 pts

20 Mar 2025 | 4:32 PM

Mumbai, Mar 20 (UNI) The equity market maintained its supremacy for the fourth straight session
on Thursday, with BSE Sensex spurted 899.01 pts to close at 76,348.06 following gains in Telecommunications, Technology and Oil and Gas stocks.

see more..

Kottayam-Kochi Rubber Market Rates

20 Mar 2025 | 4:28 PM

Kottayam, Mar 20 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal
KOTTAYAM
RSS FOUR: 20000
RSS FIVE : 19600
ISNR TWENTY: 18300
SIXTY PERCENT LATEX: 13630
KOCHI
RSS FOUR : 2000
RSS FIVE : 19600
INTERNATIONAL RATES (BANGKOK)
RSS One : 21044
RSS Two : 20890
RSS Three: 20749
RSS Four : 20671
RSS Five : 20556
KUALALUMPUR
SMR TWENTY : 17577($ 203.20)
SIXTY PERCENT LATEX : 13781($159.30)
UNI PA BM.

see more..

Tata Communications Vayu, a new cloud for intelligent enterprise

20 Mar 2025 | 4:27 PM

Mumbai, Mar 20 (UNI) Tata Communications, on Thursday announced the launch of Tata Communications Vayu, its next-gen Cloud fabric for the enterprise IT.

see more..
Flipkart partners with FanCode Shop to bring official sports merchandise to SuperCoin users

Flipkart partners with FanCode Shop to bring official sports merchandise to SuperCoin users

20 Mar 2025 | 4:09 PM

Kolkata, Mar 20 (UNI) Flipkart has partnered with FanCode Shop, India’s premier destination for official sports merchandise.

see more..