Tue Jan 21 09:50:05 UTC 2025: ## Kerala’s GSDP Soars Despite Revenue Dip

**Thiruvananthapuram, January 21, 2025** – Kerala’s economy showed robust growth in the 2023-24 fiscal year, despite a significant drop in revenue, according to a report from the Accountant General (Accounts and Entitlements) tabled in the State Legislative Assembly today.

The report revealed a remarkable 11.97% yearly growth in the Gross State Domestic Product (GSDP). However, total revenue receipts fell by 6.21% compared to the previous fiscal year, primarily due to a dramatic 55% decrease in grants-in-aid from the central government.

While grants-in-aid plummeted from ₹27,377.86 crore to ₹12,068.26 crore, the state’s own tax and non-tax revenues increased. Tax revenues rose by 6.47% (₹5,843.09 crore), reaching ₹96,071.93 crore, and non-tax revenues saw an 8.12% increase, totaling ₹16,345.96 crore. The state’s own tax revenue (SOTR) alone amounted to ₹74,329.01 crore.

The state’s outstanding public debt at the end of 2023-24 stood at ₹2,82,495.30 crore, comprising internal debt and loans from the Centre. The report further highlighted that 73.36% of the state government’s revenue receipts were allocated to committed expenditure, including salaries, interest payments, and pensions. The decrease in grants-in-aid follows a downward trend observed in recent years.

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