Kerala - Thiruvananthapuram   

‘IT, tourism, fisheries sectors hit by slump’

THIRUVANANTHAPURAM: Global recession has started showing its teeth in the State and Information Technology, Tourism and Fisheries sectors are the worst affected, Special Secretary to Chief Minister M.P. Sukumaran Nair has said.

The three sectors, which primarily relied on the U.S. and European economies, are the worst affected due to this downturn, he said while addressing members of the Trivandrum Management Association (TMA) here recently after releasing ‘Rashtriya Keralam, Marunna Bhumishasthram,’ V.V. Vinod, joint-secretary, TMA.

Many companies — particularly those working in the garments, textiles, IT and Tourism sectors — are forced to adopt a ‘wait-and-watch’ policy.

A 15 per cent decline in Excise duty has been registered in the State. And if the recession continues at the present rates, the State will be severely hit, Dr. Nair said.

He said the adoption of the Keynesian model was an option.

The economic status of citizens could be improved by creating more job opportunities through public expenditure/funding.

“But, we should not adopt the practice of writing-off liabilities through public funding,” he cautioned.

Initiating more projects in the infrastructure sector is one way of overcoming the crisis.

Mega infrastructural projects like the metro rail and the Vizhinjam container terminal should be taken up at the earliest, to generate more jobs, he said.

G. Vijayaraghavan, founder-CEO, Technopark, received the first copy.

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