Kerala aims for 7 per cent annual growth in 15th Five Year Plan
The state seeks to increase its gross state domestic product to Rs 28 lakh crore by 2032 using a project-based model.
The Kerala State Planning Board aims to increase the state's gross state domestic product (GSDP) from the current Rs 16 lakh crore to Rs 28 lakh crore by the end of the 15th Five Year Plan, according to The Hindu. The plan, covering the period from 2027 to 2032, targets an annual growth rate of 7 per cent, up from the current 5 per cent.
The 15th Plan will be prepared using a 'project mode' approach based on a SMART framework, which stands for specific, measurable, achievable, result-oriented and time-bound. This marks a departure from the methods used in previous plans. The state intends to transition from an economy reliant on remittances to one driven by investment through a participatory model involving the government, private institutions, cooperatives and expatriates.
Chief Minister V.D. Satheesan presided over the first meeting of the reconstituted State Planning Board on Thursday. He emphasised the need to accelerate development, avoid delays and use resources effectively, noting the importance of external funding due to limited state resources.
The board approved the creation of a Participatory Cell to design frameworks for investments exceeding Rs 10 crore and cleared a Rs 100 crore revolving fund for project studies. It also decided to establish a 'Kerala employment and economic opportunity mission' and a 'Yuvakeralam mission'.
To monitor progress, district-level review committees will be formed, led jointly by a Planning Board member and the District Collector. The board also approved a proposal to seek up to Rs 2.44 crore annually from NITI Aayog to strengthen its capacity and data analysis divisions.