Economic Review 1992 Kerala State

Abstract

From General Review: Despite the many setbacks that marred the year that has gone by, the development process of the economy was not hampered, and the overall economic situation registered a marked improvement. As against a rate of growth of only 1.2 per cent during 1991-92, the growth rate of the economy for the year 1992-93 is provisionally estimated to be 4.2 per cent. According to the latest Economic Survey of the Government of India, but for the riots in December 1992 and January 1993 and the irregularities in securities trading in some banks damaging confidence in the capital market, the performance of the economy during the year under review would have been even much better both in terms of output and employment. Agricultural production is estimated to have shown an increase of 5.7 per cent as compared with a negative growth of ( - ) 2.8 per cent in 1991-92. Production of foodgrains during 1992-93 touched a level of 176.7 million tonnes as against the level of 167.1 million, tonnes attained during the previous year. However, industrial production is estimated to have grown only at a rate of 3.8 per cent, though as compared with a virtual stagnation during 1991-92, the performance during 1992-93 represented a distinct improvement.