He also reiterated its commitment to uphold secularism and warned of stern action against creating communal tension.
Setting up of Kerala Infrastructure Fund Board for mobilising resources and announcemnet of various debt relief measures for different sections in the soceity were a part of the two-pronged approach, he said in a statement.
Admitting that there was a resource crunch in the state, Mr Viayan said Kerala would be "pushed backward" in all the sectors if "we wait for initiating projects till mobilising resources".
There is a plan to mobilise Rs 50,000 crore for taking up various infrastructure projects in the next five years, he said, adding that the funds would be mobilised through Kerala Infrastructure Fund Board.
On its development policy, he said the government wold go for eco-friendly projects which would not cause any damage to the environment.
On the social sector, Mr Vijayan said his government's main priority was to protect human rights, secularism and democracy. Stern action would be taken against activities that create communal tension, he added.
"This government will not yield even an inch to communalism and will move on the path of securalism by taking all the sections of people into confidence," Mr Vijayan said.
A comprehensive plan would be implemented with an objective to make the state "waste-free" in the next five years. Similarly, the state would be declared open defecation-free on November 1, he added.
"Prime Minister Narendra Modi is expected to announce this," the Chief Minister said.
Work on a 45-metre-wide international standard national highway has also started, he pointed out. The work on improving the waterways of the state for transportation was also progressing, he added.
On the welfare sector, Mr Vijayan pointed out that the first step of his government was to hike the amount of all welfare pensions to Rs 1,000.
The government also took steps to ensure that the beneficiaries received pension with arrears before the Onam festival, he said, adding that an amount of Rs 3,100 crore was going to reach the people by Onam.
Rejecting the allegation of the opposition that his government had failed to intervene to check price rise of food articles, Mr Vijayan said Rs 150 crore has been earmarked for market intervention.
Besides, a sum of Rs 75 crore had already been spent on strengthening the public distribution system.
Stating that steps were on for implementation of the Food Safety Act in the state, he said new ration cards would be distributed among the people in the next six months.
Another "major achievement" of his government in the short period was opening the closed cashew factories, mainly in Kollam district, and thereby, ensuring jobs for nearly 18,000 workers, the Chief Minister said.