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Kerala’s tourism and remittances registered record growth last year: Finance Minister Balagopal

Monday, March 6, 2023

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Kerala’s tourism and remittances, which were badly impacted by the Covid 19 pandemic, are now rapidly recovering, with record growth last year, and will generate money and jobs in the state, according to State Finance Minister KN Balagopal.


In an exclusive video interview with Moneycontril, the Minister said, “For 2-3 years, due to COVID and floods in Kerala, tourism was hit. But last year, the growth was very visible. Tourism is one of the major areas of recovery and growth this year. Up to January-February, there is record growth in the sector. It will be one of the major areas of income generation and employment. We are spending a lot, with a lot of initiatives to support tourism back from the COVID situation. For the tourism sector, we hope that the recovery will be very, very fast.”


Tourism and foreign remittances have been the backbone of Kerala’s economy. Remittances to the state have decreased as a result of job losses and strict local legislation in the Middle East.


According to RBI statistics, the percentage of inward foreign remittances, which used to be a key revenue source for the state, has declined dramatically from over 19 percent in 2016-17 to roughly 10.2 percent in 2020-21.


“Remittances are very important for Kerala’s economy. There is a fall in the percentage of remittances, but the monetary aspect is intact. Actually currently the remittances are more than earlier. The amount has increased, but the percentage has decreased which means that the Kerala economy is growing in other areas including manufacturing, industries, tourism, and agriculture,” he said.


The money received by Kerala through remittances has increased this year. Certain practical difficulties in finding work existed due to COVID and other challenges, but those have already been resolved, according to the Minister.

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