Survey projects 5.5 percent growth for KarnatakaMarch 4th, 2010 - 9:18 pm ICT by IANS
Bangalore, March 4(IANS) Global recession and slowdown in the Indian economy notwithstanding, the gross state domestic product (GSDP) of Karnataka is estimated to be 5.5 percent this fiscal (2009-10) as against 4.5 percent last fiscal (2008-09), the state’s economic survey revealed Thursday.
According to the survey report, tabled in the legislature on the eve of the state’s budget presentation Friday, Karnataka’s gross income is expected be Rs.189,773 crore this fiscal (FY 2010) as against Rs.179,809 crore last fiscal (FY 2009).
The net state domestic product (NSDP) is anticipated to be Rs.168,022 crore as against Rs.159,452 crore, an increase of 5.4 percent.
“The growth in GSDP of secondary and tertiary sectors is anticipated to be 7.5 percent and 6.2 percent respectively. The per capita income is projected to be at Rs.32,411 this fiscal as against Rs.31,041, a growth rate of 4.4 percent compared to 3.4 percent last fiscal,” the report compiled by the state planning programme monitoring and statistics department said.
As an important macro economic indicator, the state’s index of industrial production (IIP) covering mining, manufacturing and power stood at 134, 142 and 148 for the first three quarters of this fiscal.
The IIP index grew by 4.72 percent to 166.85 percent in fiscal 2008-09 from 158.98 in 2007-08. The mining sector showed the highest index of 241.22 followed by manufacturing sector at 167.45 and energy sector at 146.33.
In terms of growth, mining grew by 11.27 percent, manufacturing 10.95 percent and energy 5.45 percent.
As the country’s premier IT sector, software exports increased to Rs.70,375 crore in 2008-09 from Rs.59,500 crore in 2007-08, while BPO (business process outsourcing) exports more than doubled to Rs.15, 014 crore from Rs.7,600 crore in the same period.
The survey also indicated the cascading impact of global recession and slowdown in the domestic economy on the state, when its GSDP declined steeply to 4.5 percent last fiscal (2008-09) from a high of 12.6 percent in fiscal 2007-08.
The decrease of 0.4 percent growth in the primary sector was mainly due to fall in agriculture production. The secondary sector (manufacturing) grew marginally by 0.3 percent as electricity, gas and water supply had a negative growth of 36.3 percent.
The tertiary sector, driven by IT services, however, grew by 8.5 percent on account of communications posting 26.8 percent, public administration 18.2 percent, banking and insurance 13.9 percent and other services six percent.
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