BENGALURU: The latest Economic Survey for Karnataka puts the state among the top five states in India, and has recorded that the state has demonstrated strong growth over the years. Karnataka’s per capita Gross State Domestic Product of Rs 3.05 lakh, estimated for the financial year 2022, is the highest among the top five states. A standout feature of the state economy is that it has the highest share of services in the gross state value addition of 66.1 per cent in FY 2022.
It is the highest among all states, a product of its robust IT services industry and other technology-driven areas. Karnataka is also a major job generator, having produced 10 per cent of formal jobs in the country, while contributing 8.8 per cent to the National Gross Domestic Product and constituting less than 5 per cent of the population.
The state has certainly done well in the past but now, post the Covid-19 pandemic and resulting recessionary effect, there is a need to re-orient its strategies by studying particular needs of its citizens, its demographics and sectoral composition which each state must do now. Karnataka can be a leader to demonstrate to other states how a high-growth strategy can be formulated, based on data analysis.