Kerala targets Rs 28 lakh crore GSDP under 15th Five-Year Plan
The state aims to increase its annual economic growth rate from 5 per cent to 7 per cent through a project-based approach.
The Kerala State Planning Board has approved an approach paper for the 15th Five-Year Plan, which aims to expand the Gross State Domestic Product (GSDP) from the current Rs 16 lakh crore to Rs 28 lakh crore, according to South First and Financial Express.
Chief Minister VD Satheesan chaired the meeting at the board's headquarters in Thiruvananthapuram to discuss the plan, which seeks to raise the annual economic growth rate from 5 per cent to 7 per cent.
The proposed 'participatory economy' model intends to shift the state from a remittance-dependent economy to an investment-driven one by involving private institutions, cooperative societies, and non-resident Keralites.
To support this, the Board decided to establish a Partnership Cell to develop projects with investments exceeding Rs 10 crore. The state has also approved a Rs 100 crore revolving fund for project preparation and feasibility studies.
Planning Board Vice-Chairman KM Chandrasekhar said the state would mobilise resources from local self-government institutions, banks, and private investors. He noted that seven district-level consultations have been completed so far.
The Board also plans to seek annual financial assistance of up to Rs 2.44 crore from NITI Aayog to strengthen its evaluation and data analysis divisions and enhance institutional capacity.