Two killed in gang attack at Farangipet; three others injured

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.

Mangaluru, Jun 17: The first chartered flight repatriating Indians stranded at Kuwait for months landed at the international airport here.

The Jazeera Airways flight privately booked by the Keralites and coastal Kannadigas living in the Arab country had left sometime in the afternoon with 160 passengers on board.

The flight also carried the mortal remains of Sathish Kochu Shetty (45), who died in a fire tragedy at a refinery in Kuwait on June 14.

Bengaluru, Mar 6: PVR Cinemas on Friday launched its five-screen multiplex in here, augmenting its presence in Karnataka across 15 properties to 103 screens and to 46 properties and 286 screens in southern India.

With this opening, PVR consolidates its growth momentum in the current financial year 2019-20, so far opening 83 screens in the year and bringing its portfolio to 841 screens at 176 properties in 71 cities.

"We feel proud to cross the 100 screens milestone in the state of Karnataka at the very beginning of the year," said Joint Managing Director Sanjeev Kumar Bijli.

"Southern India has a strong market with significant growth potential. In Bengaluru, we have introduced some of our best formats and offerings owing to the nature of preferences by our customers," he said in a statement.

Pramod Arora, Chief Growth and Strategy Officer at PVR Ltd, said the company will continue to enhance the consumer experience through innovation and set new benchmarks in the Indian multiplex industry.

PVR is the largest and the most premium film exhibition company in India, serving over 100 million patrons annually.