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
When poor people are killing daily they all are sleeping.
But when RSS goons are killed by gang war, they supporting that Goons. Because BJP- itself is a RSS Goons-Terrorists Party.
It is not bjp mps meeting it is the only rss announced meeting. By the support of media their rest of all ongoing meeting never came out or anounced. Why there is so much importat for rss group why not important given to INDIAN citizens life . Rss people daily taking innocent INDAIN citizens life all arround INDIA for NO reason.
Why our PM isdoing double standard. Where ever he go and speak he omit poison with castism. Attacking on minority Dalits. No the bjp criminal leaders forget democracy recently they were trying to de stabilize.. no bjp state government all over INDIA. Means they are playing against INDIAN citizens mandate. Insulting our great freedom fighter even they comparing MAHATMA GANDHI with their low grade rss people. Who never participated for INDIA's independence strugle. Our pm never respect human life even he did
not taken care of his wife then what he will take care of us . One who supporting this group must think and compare common man's life and security after INDEPENDENCE with present bjp govt's rule. Always fighting communal clash financial crise ; scarcity of food ; increase in common food items rate.
What will happen till next election - Only GOD have to save us from this dirty organization.
Jai Hind !
Add new comment