NRI deposits in Kerala rise to Rs 94,097 cr in 2013-14

Thursday, Mar 12, 2015,20:56 IST By metrovaartha A A A

Thiruvananthapuram | The NRI deposits in Kerala witnessed a growth of 41.84 per cent to Rs 94,097 crore in 2013-14, according to state government document. The total NRI deposits as on March 2013 were Rs 66,190 crore. Private sector banks mobilised major portion of the NRI deposits followed by State Bank of Travancore, according to the state economic review-2014, presented in the state assembly today.
The trend of NRI deposits increasing their share in the total deposit basket had actually began in 2011-12 and it became more pronounced in 2012-13 and further continued in 2013-14.
On economic sitation, the review said at current price the Gross State Domestic Product (GSDP) growth rate was 13.4 per cent, which was higher than the previous year.
During year under review, the contrinution from primary, secondary and tertiary sectors to the GSDP at constant price (2004-05) was 9.2 per cent, 19.9 per cent and 70.9 per cent respectively. However, the review said an analysis showed that primary sector showed a negative growth rate of minus 1.36 per cent during the year.
Negative growth in agriculture is generally because of the decrease in production of some of the cash crops, the report said. The total debt of the state stood at Rs 1,19,009 crore for the year under review, with a growth rate of 14.92 per cent over the previous year.
On social sector changes, review said enrolment of students in the state has been showing a decline in the recent years. Enrolment of students in 2014-15 was 38.01 lakh and has decreased by 1.24 per cent over the previous year. Change in demographic pattern of the state due to low birth rate is the main reason attributed for this phenomenon, the review said.
On migrant labour force, the report said there were more than 25 lakh migrant workers in the state with an annual arrival rate of 2.35 lakh from other states. Of the total Inter State Migrant workers, West Bnegal leads with 47 per cent of ISM, followed by Odisha by 16 per cent and Assam 9 per cent.