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
sangh parivar is trying sabotage karnataka by voilence, loot, disturbance, distruction etc. They are agitating for no reason. Their leaders are desparate on the publicity of congress Govt and have hired unemployed goons to create trouble. Police should arrest bjp MLS from Sirsi for being responsible for the voilence which resulted in loss of property worth crores of rupees and Court should order bjp to pay for it. Leavy fine on this hate monger bjp mla who is useful for nothing.
simha you can now report to amit, that your friends were able to do a violent protest, and despite your failure this one was a good one. it can be used to say that the government is undermining majority ;). ….but central remains yours and how can you undermine the majority???oh thats the RSS way of agitation
They are trying alll the means to win next Poll. i dont think these outfits are from same city. spreding communualism is the main intention of these goons to try and harm as much as possible to make to next election..
Anti Nationalist set IGPs Car on fire. Pathetic situation of Police Dept. in Karnatak. Send all anti nationals behind the bar.
Add new comment