Kerala’s economy to slow down by 2 percentage points: Thomas Isaac

 The floods that ravaged Kerala will wipe off at least 2 percentage points from the state’s economic growth rate as tourism has come to a standstill, crops damaged and small scale and traditional industry severely hit, said Kerala finance minister Thomas Isaac in an interview. The state, which is seeking resources for flood relief, will have to rework its capital spending plans as the government budget has come under strain, Isaac said.
The minister said that the natural calamity has caused losses across sectors and that the estimated flood-related damage of Rs 20,000-25,000 crore refers only to losses relating to assets and crops, which excludes loss to income, which may be even greater. Isaac said that tourism, a fast growing industry, and agriculture have received a severe setback and it may take some time to recover.

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