16.3.15

Karnataka economy statz


The services sector is the largest contributor to Karnataka's economy that has pushed the state's gross state domestic product into top gear by reversing a three-year decline in Karnataka's services growth story.
The GSDP at constant prices is expected to grow 7% to reach Rs.3,44,106 crore in the 2014-15 financial year compared to Rs.3,21,455 crore in the 2013-14 fiscal. The services sector emerged as the top contributor to the state's GSDP, expected to grow at 8.9% in 2014-15 over 8% last year. The industry sector will witness an almost-flat growth of 4.4% during the current financial year compared to 4.2% previously.
However, the growth rate of agriculture is expected to decelerate hugely due to a 3% drop in foodgrains production.The growth in the state's services sector is skewed towards the IT industry that has generated higher incomes and employment opportunities than those compared to other industries.
The share of exports in GSDP has grown from 47.3% in 2013-14 compared to 7.36% in 1993-94. Exports of electronics and IT constitute the largest share: 61%.


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