Economy Of Kerala
Service industry dominates the Kerala economy. Kerala leads many other Indian states and territories in terms of per capita GDP (74,620 INR States of India by size of economy) and economic productivity and Kerala's Human Development Index is the best in India. According to the Global Hunger Index 2008, the severity of hunger situation in Kerala is "serious", which is better than the grade "alarming" received by many Indian states. Kerala's low GDP and productivity figures juxtaposed with higher development figures than in most Indian states — is often dubbed the "Kerala Phenomenon" or the "Kerala Model" of development by economists, political scientists, and sociologists. This phenomenon arises mainly from Kerala's unusually strong service sector. Some describe Kerala's economy as a "democratic socialist welfare state". Some, such as Financial Express, use the term "Money Order Economy". Kerala's economic progress is above the national average. But relatively few major corporations and manufacturing plants are headquartered in Kerala.
The 2011 census shows Kerala's HDI to be 0.920, which is higher than that of most developed countries.
Around 30 lakh Keralites are working abroad mainly in Persian Gulf; migration to where started with the Kerala Gulf boom. So the Kerala Economy is largely dependent on remittances. S. Irudaya Rajan describes the situation as "Remittances from global capitalism are carrying the whole Kerala economy". Unemployment recently dropped from a large 19.1% in 2003 to 9.4% in 2007 & only 4.2% in 2011 . Underemployment, low employability of youths, and a 13.5% female participation rate are chronic issues. One concern is that Kerala government is running some of the highest deficits in India.
Read more about Economy Of Kerala: Macro-economic Trend, Agriculture, Alcohol, Tourism, BSE Listed Kerala Companies, Foreign Remittances, Banking, Infrastructure
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