Kerala gearing up for widespread economic distress
Winding up a business after 22 years of operation! Yes, COVID-19 has forced a reputed advertising firm in Kochi to shut shop. The firm is heavily dependent on revenues from gulf countries and financially constrained to outlive the COVID-19. When Gulf sneezes, Kerala catches a cold! COVID-19 is going to have a lasting impact on Kerala. Prof. S. Irudaya Rajan of the Centre for Development Studies, Thiruvananthapuram, which publishes Kerala Migration Survey, estimates 2.5 million emigrants from Kerala across the world. Of this, 1.89 million live in the Gulf countries. Remittances from entire emigrants to Kerala make up to $16 billion. This is equivalent to 35% of the state income! Professor opines that emigrants returned to Kerala through Vande Bharat flights (0.15 million) is just like a trailer of the movie about to be released in December! He predicts the remittances from entire emigrants to Kerala to be lower by $2 billion this financial year. The economy of Kerala would be hit hard!...