Kerala has readied an ambitious Rs 50,000 crore plan to tackle the economic slowdown gripping the economy, state finance minister Thomas Isaac said.
Chief Minister Pinarayi who is now visiting UAE, had pulled various NRK entrepreneurs and a meeting was held in which an agreement to invest 50,000 crore rupees for developing infrastructure of the state was proposed. The program will create a world-class infrastructure to attract investment into the state, he said. Projects worth Rs 10,000 crore have been tendered and implemented already, while those worth another Rs 20,000 crore will be executed this year.
The state’s economy is also facing a major threat from the return of thousands of migrants from the Gulf countries that are under the grip of an economic crisis. If the global economy slips into a recession like the one in 2009, there will be a huge economic crisis in the Gulf region. Apart from the blow of falling remittances, the state government will have to spend a huge amount to rehabilitate people returning permanently from foreign countries.
Lulu and Aster are amoung the various groups involved in the new infrastructure boost project.
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