By Spurred by strategic investments, sustainable development and thriving business ecosystem, Kerala is on track to become a Rs 88 lakh crore ($1 trillion) economy by 2047, experts said at Invest Kerala Global Summit (IKGS 2025) here today.
Speaking at a session on ‘Kerala Towards $1 Trillion Economy,’ they opined that the state can build India’s first sustainable trillion dollar economy. The February 21-22 event is being held at Lulu Bolgatty International Convention Centre.
In his special address on the topic, KSIDC Chairman Shri C Balagopal said Kerala’s Gross State Domestic Product (GSDP) has doubled every 6-7 years since 2000.
He also noted that strategic investments, sustainable initiatives in major sectors, connectivity and thriving entrepreneurial ecosystem are the key enablers for the growth.
“During the period from 1950-70, land reforms have created an equitable society and distributed economic power. From 1980-90, the state was able to build a productive workforce and a high human development index. Focus on IT happened during 1990-2000, with the birth of three IT Parks and Kerala Startup Mission, which laid the foundation for a modern economy,” Shri Balagopal observed.
After 2000 onwards, he said the state is witnessing significant growth in tourism and sustainable development.
IBS Software Founder & Executive Chairman Shri V.K. Mathews said India has grown from $0.72 trillion to $3.86 trillion in the last 20 years that adds to around 8.6 percent Compound Annual Growth Rate (CAGR) whereas in 2004-05 Kerala’s economy was 0.97 lakh crores and in this financial year, it is projected to become 13.1 lakh crores (13.7 per cent CAGR during the last 20 years).
He said it is absolutely possible for the state to achieve $1 trillion target, as 17 percent of the global economy is digital today or roughly around $18 trillion in size, and Kerala needs to grow substantially.
“We need a ‘Clean Kerala’ in the aspects of waste management and clean rivers and backwaters, ‘Safe Kerala’ in infrastructure perspective and digitally-enabled Kerala. The government should create the best of laws and regulations and leave it to the private sector to play with that,” he added.
Lulu Financial Holdings Managing Director Mr Adeeb Ahamed said the private sector innovation of building businesses that balance profitability with environmental and social responsibility is vital for state’s growth.
O/E/N India Ltd. Managing Director Ms. Pamela Anna Mathew highlighted the need for more coordination among government entities and sustainable development initiatives.
Meeran Group Chairman Mr. Navas Meeran said Kerala has made a remarkable progress to its goal of transforming into a knowledge-based economy. A lot of job opportunities are being created in the cutting-edge technologies sector in the state, he added.
Invest India Senior VP & Chief Strategy Officer Mr. Sidharth Narayanan were also present. The Economics Times Executive Editor Mr. Sruthijith KK was the moderator.
