Kerala Budget 2011: Economy up 9.89%

Kerala's public debt stood at Rs.70969 crores at the end of last fiscal,says Economic Review.

Kerala’s economy recorded a growth of 9.89 per cent during 2009-10 and state’s public debt stood at Rs.70969 crores at the end of last fiscal,according the Economic Review-2010 tabled in the assembly today.

The net state domestic product at constant prices (2004-5) was Rs,1,59,143.62 crores compared to the provisional estimate of Rs.1,44,818.95 crores,recording a growth rate of 9.89 per cent,the review tabled by State Finance Minister T M Thomas Issac on the eve of state budget for the year 2011-12 said.

At current prices the growth rate of state’s income was 14.64 per in 2009-10 compared to 14.70 per cent in 2008-9,the review said.

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The contribution from primary,secondary and tertiary sectors to the Gross State Domestic Product at constat prices was 12.01 per cent,21.71 per cent and 66.28 per cent respectively.

The total debt of the state increased from Rs.20176.10 crores in 1999-2000 to Rs.70969 crores in 2009-10,the review said.

Out of the total debt,Rs.43368 crore comprised internal debt,Rs.21,296 crore as small saving,provident fund and remaining Rs.6305 crores represents loans and advances from Centre.

On state’s tax revenue,the Kerala budget report said the estimated growth rate in state’s tax revenue for 2010-11 was 18.49 per cent against an actual growth of 10.22 per cent in 2009-10.

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The total tax revenue collected during 2009-10 was Rs.17625.02 crores and the Kerala budget estimate for 2010-11 was Rs.20,884.23 crores,the report said.