Bengaluru, Mar 8: The economic slowdown in the country had a cascading effect on Karnataka, as its growth rate for outgoing fiscal 2019-20 is projected to be 6.8 per cent against 7.8 per cent in the last fiscal (2018-19), a senior official said on Saturday.
"The Gross State Domestic Product (GSDP) is estimated to be 1 per cent less at 6.8 per cent for this fiscal from 7.8 per cent in the last fiscal due to slowdown in manufacturing (industry) and services sectors," an official of the state finance department told media.
Though the agriculture sector has revived from 1.6 per dent in the drought-hit last fiscal (2018-19) to register 3.9 per cent this fiscal, growth rates of industries and services will be 4.8 per cent and 7.9 per cent for 2019-20 against 5.6 per cent and 9.8 per cent respectively in 2018-19.
"The GSDP is projected to grow at 6.3 per cent in the ensuing fiscal of 2020-21 due to continued slowdown in the national economy," the official hinted.
According to the state's economic survey for 2019-20, the farm sector grew more than double to 3.9 per cent from 1.6 per cent a year ago due to increase in the production of foodgrains, dairy products and fish catch.
Foodgrain production across the state rose to 136 lakh tonnes from 128 lakh tonnes a year ago, the survey revealed.
"In line with the national Gross Domestic Product (GDP) growth rate decline, Karnataka's GSDP has declined from a high of 13.3 per cent in 2016-17 to a low of 6.8 per cent in 2019-20.
"The GSDP has declined from a double-digit growth of 10.8 per cent in 2017-18 to 7.8 per cent in 2018-19 and 6.8 per cent in 2019-20," the survey pointed out.
The survey has adopted the all-India growth rate for the services sector growth in the state, which reflects the impact of slowdown in the key sector.
At current prices, the southern state's GSDP is expected to be Rs 16,99,115 crore (budget estimates) with a 10 per cent growth rate in the next fiscal (2020-21).
"Real estate, professional services and ownership of dwellings contributed 35.31 per cent to the GSDP in 2019-20, followed by manufacturing with 15.32 per cent, trade and repair services 9.51 per cent and crops 7.44 per cent," said the survey findings.
Per capital income in the state at current prices is estimated to be Rs 2,31,246 in 2019-20, an increase of 8.8 per cent from Rs 2,12,477 in 2018-19.
"The per capita income in the state is 58.4 per cent more than that of all-India rate at Rs 1,35,050 in this fiscal," the survey added.
Comments
All Muslim must Vote for SDPI...we should follow our hindu ppl...how they VOTE only for BJP in mangalore ...if the cadidate is also DOG..if it is hindu then they will vote for it....in similerly we should vote for SDPI if the cadidate is CAT....vote for religion not for this country development...
D'Souza Gaddar man...what is the construbution of your community towards indian independence...you people are slave and licking boots of british...we and our hindu brother fought & die to this country...
the biggest terror is the george W bush
we all know about you people...you always spread division, curription on earth and make people fight and play innocent role...
killing people using modern weapon & black suit with tie doest not make innocent..its also terror attack..
ALL Muslim must VOTE for SDPI, we all know the capacity of congress leader...NAMARD cadidate....if we defeat also we should vote for SDPI....
from where do you get all these infos ? Pls list out the outfit names also so that we can laugh out loudly.its an open challenge for you , prove your allegations if you dare
Wow Kudos to CD team for appraove OP's opinion. Kindly ensure similair opinion about national parties will be reflected as well. Journalism must be people friendly and request CD Editor team not to biased and respected readers opinion. Thanks
SDPI ZINDABAD............ YES LET CONGRESS SUPPORT SDPI IF THEY R REALLY A SECULAR PARTY........
SDPI is political arm of PFI, which allegedly has links with several terror outfits. All those who vote for this fellow are terrorists.
Let Congress – if it is really a secular party – decide not to field candidate from Dakshina Kannada and officially support SDPI as the latter had done in many seats in last Assembly polls. All the shortlisted Cong ticket aspirants are useless, shameless and corrupt people. Let all the peace lovers back SDPI this time.
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