<p>Bengaluru: Karnataka is outperforming the national economy, Chief Minister Siddaramaiah’s office said on Monday, pointing out that the state registered a “robust” GSDP growth of 10.2 per cent in the 2023-24 fiscal.</p><p>"...far from being a case of economic mismanagement, Karnataka is outperforming the national economy, driven by strategic investments, innovative policies, and a business-friendly environment. The state continues to be a leading engine of India’s economy," the Chief Minister's office (CMO) said in a statement. </p>.PETA asks Karnataka High Court to halt Kambala race in Bengaluru, says it is 'cruel' to animals.<p>In a statement, the government said the NSE (National Stock Exchange in its State of States report) initially projected a “meagre” 4 percent growth for Karnataka “only to revise it drastically” to 13.1 per cent. "Such a significant discrepancy points to an error in early measurement and underestimation of economic performance," the CMO said. </p><p>“In reality, Karnataka’s GSDP growth in FY 2023-24 stood at 10.2 per cent, far exceeding the national average growth rate of 8.2 per cent," the statement pointed out.</p><p>For 2024-25, the NSE has projected a GSDP growth rate of 9.4 per cent for Karnataka and a national average of 10.5 per cent, the CMO said. </p><p>"However, the Ministry of Finance, Government of India, has projected a more realistic 14 per cent GSDP growth rate for Karnataka. Strong economic indicators, such as a 10 per cent year-on-year growth in GST collections and a 24 per cent year-on-year growth in stamp duty revenue as of September 2024, further reinforce the view that Karnataka’s economy is growing at a very healthy pace," the CMO said.</p>.'Why are you harassing students': Supreme Court restrains Karnataka govt from conducting half-yearly board exams for Classes 8,9 & 10.<p>"Importantly, Karnataka’s GSDP per capita remains among the highest in the country, on par with Telangana. Both Congress-led states are demonstrating strong economic performances. Karnataka’s pro-people policies, such as the guarantees, are ensuring that the benefits of development reach every citizen, fostering inclusive and equitable growth," the CMO argued.</p><p>Karnataka's growth at 10.2 per cent is "particularly significant" in the "backdrop of challenges" the state faces, the CMO said. "Karnataka endured the worst drought in a decade, which severely impacted agricultural output, contributing to negative growth in that sector. Moreover, as a state heavily reliant on the IT and hardware sectors, which contribute 28 per cent of its GSVA, Karnataka was further affected by a global economic slowdown," it said. </p>
<p>Bengaluru: Karnataka is outperforming the national economy, Chief Minister Siddaramaiah’s office said on Monday, pointing out that the state registered a “robust” GSDP growth of 10.2 per cent in the 2023-24 fiscal.</p><p>"...far from being a case of economic mismanagement, Karnataka is outperforming the national economy, driven by strategic investments, innovative policies, and a business-friendly environment. The state continues to be a leading engine of India’s economy," the Chief Minister's office (CMO) said in a statement. </p>.PETA asks Karnataka High Court to halt Kambala race in Bengaluru, says it is 'cruel' to animals.<p>In a statement, the government said the NSE (National Stock Exchange in its State of States report) initially projected a “meagre” 4 percent growth for Karnataka “only to revise it drastically” to 13.1 per cent. "Such a significant discrepancy points to an error in early measurement and underestimation of economic performance," the CMO said. </p><p>“In reality, Karnataka’s GSDP growth in FY 2023-24 stood at 10.2 per cent, far exceeding the national average growth rate of 8.2 per cent," the statement pointed out.</p><p>For 2024-25, the NSE has projected a GSDP growth rate of 9.4 per cent for Karnataka and a national average of 10.5 per cent, the CMO said. </p><p>"However, the Ministry of Finance, Government of India, has projected a more realistic 14 per cent GSDP growth rate for Karnataka. Strong economic indicators, such as a 10 per cent year-on-year growth in GST collections and a 24 per cent year-on-year growth in stamp duty revenue as of September 2024, further reinforce the view that Karnataka’s economy is growing at a very healthy pace," the CMO said.</p>.'Why are you harassing students': Supreme Court restrains Karnataka govt from conducting half-yearly board exams for Classes 8,9 & 10.<p>"Importantly, Karnataka’s GSDP per capita remains among the highest in the country, on par with Telangana. Both Congress-led states are demonstrating strong economic performances. Karnataka’s pro-people policies, such as the guarantees, are ensuring that the benefits of development reach every citizen, fostering inclusive and equitable growth," the CMO argued.</p><p>Karnataka's growth at 10.2 per cent is "particularly significant" in the "backdrop of challenges" the state faces, the CMO said. "Karnataka endured the worst drought in a decade, which severely impacted agricultural output, contributing to negative growth in that sector. Moreover, as a state heavily reliant on the IT and hardware sectors, which contribute 28 per cent of its GSVA, Karnataka was further affected by a global economic slowdown," it said. </p>
