(MENAFN – KNN India)
Bengaluru, Oct 22 (KNN) Karnataka is exceeding economic expectations with a Gross State Domestic Product (GSDP) growth of 10.2% for 2023-24, as reported by Chief Minister Siddaramaiah’s office.
This growth demonstrates the state’s resilience and good governance amidst challenges. The Chief Minister’s office stated that Karnataka’s success is due to strategic investments, innovative policies, and a business-friendly atmosphere.
Initially, the National Stock Exchange (NSE) projected a 4% growth for Karnataka, which was later revised to a strong 13.1%. This revision highlighted an earlier measurement error and showcased the state’s true economic potential.
With the finalized GSDP growth of 10.2%, Karnataka has outperformed the national average of 8.2%. Looking ahead, the NSE forecasts a growth of 9.4% for the next fiscal year, while the Ministry of Finance predicts a higher rate of 14%.
Solid economic indicators further support this growth, including a 10% year-on-year increase in Goods and Services Tax (GST) collections and a 24% rise in stamp duty revenue as of September 2024, reinforcing Karnataka’s dynamic economic status.
Karnataka’s per capita GSDP ranks among the highest in India, showing strong economic performance alongside Telangana, both led by Congress.
The Chief Minister’s office emphasized that the state’s inclusive policies ensure equitable distribution of growth benefits among citizens.
However, Karnataka faces challenges, including its worst drought in a decade impacting agriculture and a heavy reliance on the IT sector, which accounts for 28% of its Gross State Value Added (GSVA), making it vulnerable to global economic slowdowns.
In summary, Karnataka’s notable GSDP growth reflects its effective economic strategy and resilience, positioning it as a key player in India’s economy.
(KNN Bureau)
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