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For the 2024-25 fiscal, the National Statistical Estimate has estimated Karnataka’s GSDP maturation complaint astatine 9.4 per cent, somewhat little than the nationalist projected mean of 10.5 per cent. (Representational Photo)
Karnataka registered a Gross State Domestic Product (GSDP) maturation complaint of 10.2 per cent successful the 2023-24 fiscal, according to the Ministry of Statistics and Programme Implementation. This was higher than the nationalist GDP maturation complaint of 8.2 per cent. The data, compiled by the ministry successful August, was released by Chief Minister Siddaramaiah’s bureau connected Monday amid the Opposition BJP’s allegation that economical maturation has stagnated nether Congress rule.
“The authorities achieved this feat contempt terrible challenges, including the worst drought successful a decennary and a slowdown successful planetary IT markets,” the connection read. Initially, the National Statistical Estimate had projected a humble 4 per cent GSDP maturation for Karnataka. This was revised to 13.1 per cent by the extremity of the fiscal, indicating that the state’s economical show was underestimated initially by the agency, according to the main minister’s office.
The 10.2 per cent GSDP maturation came successful a twelvemonth erstwhile the state’s agriculture assemblage faced antagonistic maturation owing to drought and the IT and hardware sectors were susceptible to planetary economical downturns caused by respective factors specified arsenic the Russia-Ukraine warfare and others. The Indian IT industry’s maturation slowed from 15.5 per cent successful the 2022-23 fiscal to 8 per cent successful the 2023-24 fiscal, which “reflected planetary recessionary fears and inflation”, the connection said, adding, “However, Karnataka’s system remained resilient, acknowledgment to strategical governance and diversified maturation drivers.”
For the 2024-25 fiscal, the National Statistical Estimate has estimated Karnataka’s GSDP maturation complaint astatine 9.4 per cent, somewhat little than the nationalist projected mean of 10.5 per cent. “However, the ministry of concern projects a much optimistic 14 per cent maturation for the state, supported by beardown fiscal indicators,” according to the main minister’s office. It noted that the year-on-year summation successful GST collections was 10 per cent, portion stamp work gross had surged 24 per cent “signalling a steadfast economical trajectory”.
One of the reasons for the surge successful stamp work gross was the upward revision successful charges effected by the Government.
The authorities authorities has accused the Centre of denying its rightful stock successful taxes devolved. Siddaramaiah precocious wrote to different confederate states astir holding a league to sermon the stock of taxes earlier the 16th Finance Commission submits its report.
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