2016-17 was a year which witnessed several economic upheavals and changes.
Global uncertainties have increased with Brexit and newly formed US regime.At the same time, the economy of the State of Kerala was adversely affected by a combination of natural and policy created factors.Departure from normal rainfall from June 1, 2016 to September 30, 2016 was -34 %Departure from normal rainfall from October 1, 2016 to December 27, 2016 was -61%Decision to cancel the legal-tender character of bank notes of `500 and `1000 denominations, devastated informal sectors and its cooperative credit infrastructure, with economy-wide consequencesGovernment of Kerala announced that although five year plans of th nation have been abandoned, the state will continue it with formulation and implementation of thirteenth five year plansPopulation growth trend shows Kerala moving to zero population growth or even negetive population growth. Percentage of child population is also showing a declining trend in Kerala.Increasing trend of population in working age group (15-59) is favourable to the economy. Declining trend in the agegroup 0-14 is a matter of concern.
GSDP registered a growth rate of 8.10 percentage in 2015-16 compared to 7.31 percentage in 2013-14.At current prices, GSDP is estimated as 5,88,33,659 lakh rupees.In 2015-16, contribution to GSVA of tertiary sector increased to 63.
66 percent from 61.53 percent in 2014-15. But contribution from primary and secondary sector was declined.The tertiary sector growth rate of GSDP recorded the highest growth rate of 8.78% in 2015-16. Negetiv egrowth in agriculture was due to decrease in production of some of the cash crops, fishing and aquaculture, forestry and loggingEase of Doing BusinessEoDB is an initiative by the Department of Industrial policy and Promotion, Government of India for simplifying clearance procedures for starting up an industrial project.
Single Window Clearance SystemGovernment of Kerala introduced Single Window Clearance System to ease the setting up of industrial projects in the state.Make in IndiaKSIDC is the nodal agency representing State of Kerala in the scheme Make in India announced by the government.MSME play crucial role in promoting equitable development and nurturing innovation on a small scale. MSME in India is diverse in terms of size, levels of technology employed and productsUdyog Aadhar Memorandum (UAM)Under UAM scheme under MSME Development Act, entepreneurs need to just file an online memorandum to instantly get a unique Udyog Aadhar Number. Marked significant improvement for complex procedures.Employment Exchange for industriesMatch making between job seekers and employers, an employment exchange for industries was launched on June 15, 2015 in line with Digital India.Framework for Revival and Rehabilitation of MSMEBanks have been constitute a committee for distressed MSME enterprises at zonal or district level to prepare a Corrective Action Plan (CAP)Kerala with excellent connectivity, communication network, availability of skilled labourers and relatively good industrial infrastructure is highly suitable for growth of MSME sector.