Kerala Business News: Top Industries Showing Promising Growth in 2021
Kerala, the southern state of India, is known for its serene backwaters, beaches, and coconut groves. Over the years, the state has carved a niche for itself in various industries and has emerged as an important business hub. Due to its strategic location and skilled workforce, Kerala is attracting investments from across the globe. In this article, we will take a closer look at the top industries that are showing promising growth in 2021.
Tourism: Kerala’s tourism industry has been a major contributor to the state’s economy for decades. In 2019, Kerala attracted 18.1 million tourists and generated INR 45,000 crores in revenue. However, the industry took a severe hit due to the COVID-19 pandemic. According to the Kerala Hotel and Restaurants Association, the state lost around INR 33,000 crores in revenue in 2020. As the industry is slowly recovering, the state government is taking several measures to attract tourists. The government has launched various schemes and initiatives such as ‘Yatra’, ‘Surf and Stay’, and ‘Gavi Tourism’ to promote tourism. The state is focusing on eco-tourism, adventure tourism, and MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism to attract more visitors.
IT and ITeS: Kerala’s IT and ITeS (Information Technology and Information Technology-enabled Services) industry has been growing at a rapid pace in recent years. According to Nasscom, Kerala is among the top five states in India in terms of IT exports. The state government is offering several incentives and subsidies to promote the industry. In 2020, the government launched the ‘Kerala Fibre Optic Network’ project to provide high-speed internet connectivity to all households in the state. The government is also setting up IT parks and incubators to create a conducive ecosystem for startups and entrepreneurs.
Healthcare: Kerala’s healthcare industry has been gaining traction in recent years. The state is known for its excellent healthcare infrastructure and skilled medical professionals. In 2020, the COVID-19 pandemic showcased Kerala’s preparedness and effectiveness in managing healthcare. The state government is investing heavily in the healthcare industry. In 2021, the government announced a budget of INR 2,800 crores for the healthcare sector. The government is also promoting medical tourism by launching various packages and initiatives.
Agriculture: Kerala’s agriculture industry is one of the oldest and most important industries in the state. The state is known for its spices, cashew, coconut, and rubber plantations. According to the state government, the agriculture sector contributes 14% to the state’s GDP. However, the sector has been facing several challenges in recent years such as climate change, low productivity, and lack of modern technology. The government is taking measures to address these challenges. The state government launched the ‘Jaiva Karshaka Samridhi’ scheme in 2020 to support organic farming. The government is also promoting contract farming, setting up food parks, and providing subsidies and incentives for farmers.
Conclusion: Kerala is a state with enormous potential and opportunities. The state government is taking proactive measures to promote various industries and attract investments. Tourism, IT and ITeS, healthcare, and agriculture are some of the top industries that are showing promising growth in 2021. The state is on the path of recovery post-COVID-19 and is reimagining itself by tapping into new avenues. With its friendly business environment and skilled workforce, Kerala is all set to emerge as a force to be reckoned with in the coming years.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)