Thiruvananthapuram, Nov 5 Keralam has set an ambitious target of increasing its GSDP to Rs 28 lakh crore and raising its annual growth rate from the current five per cent to seven per cent under the 15th Five-Year Plan.
The State Planning Board on Thursday approved the approach paper for the plan at its first meeting after being reconstituted. The meeting was held at the board’s headquarters in Pattom here under the chairmanship of Chief Minister V D Satheesan.
According to an official statement, Kerala’s Gross State Domestic Product (GSDP) currently stands at Rs 16 lakh crore, and the approach paper for the 15th Five-Year Plan aims to raise it to Rs 28 lakh crore.
“The plan also aims to raise the state’s annual growth rate from the present five per cent to seven per cent,” it said.
The new plan aims to accelerate economic growth by attracting investments from private institutions, cooperative societies and non-resident Keralites.
Unlike previous plans, the 15th Five-Year Plan will be implemented in project mode.
“Its approach paper proposes a shift from a remittance-dependent economy to an investment-driven economy through a participatory economic model involving the government, private institutions, cooperative societies and expatriates,” it said.
The board approved a proposal to establish a Participatory Cell within the State Planning Board to prepare project designs, guidelines, rules and frameworks for projects involving investments of more than Rs 10 crore and implemented through a participatory approach, the release said.
It also approved a revolving fund of Rs 100 crore for project preparation and studies. The state will seek support from the India Infrastructure Development Fund scheme of the Finance Department for viability gap funding.
Addressing the meeting, Satheesan said the focus should be on speeding up development activities, avoiding delays in project implementation and making effective use of available resources, including funds from Central government schemes, for the benefit of the state.
Planning Board Vice-Chairman K M Chandrasekhar said Keralam would move towards a participatory economy in which local self-government institutions, cooperative societies, banks, the private sector and other agencies would work together to achieve the development targets of the 15th Five-Year Plan.
He said the Planning Board was holding district-level meetings to involve local bodies and experts from different sectors in the planning process. Seven such meetings had already been held.
The state government was also working to establish stronger links with government departments and Central ministries to ensure maximum mobilisation of resources for development activities, he said.
The Planning Board vice-chairman and members would hold monthly joint meetings with the Chief Secretary and senior government officials to improve coordination and speed up the implementation of development projects, Chandrasekhar added.
The board also approved a proposal to seek financial assistance of up to Rs 2.44 crore annually from NITI Aayog to strengthen its functioning, build institutional capacity and improve its evaluation and data analysis divisions.
The meeting noted that all other states had already received financial assistance under the scheme.
The board decided to form district-level project review committees to regularly assess the progress of development projects.
Each committee will be jointly headed by a designated Planning Board member and the District Collector concerned and will meet once every three months.
All districts will receive financial assistance for implementing development projects on the lines of the existing packages for Kasaragod, Wayanad, Idukki and Kuttanad.
A new scheme will also be introduced in every district to support civil society organisations.
The District Collector will identify eligible organisations and the projects they undertake, subject to approval by the State Planning Board.
The financial assistance will not exceed 50 per cent of the total project cost, the statement added.
(PTI News)
