BENGALURU: The state’s gross domestic product grew at 7.9% during 2022-23, revealed the Economic Survey, which was released on the day of the budget on Friday, though normally it comes out a day or two before the budget.
The survey stated that the per capita income has increased from Rs 2,65,623 to Rs 3,01,673 with a growth rate of 13.6% at current prices. It has gone up from Rs 1,64,471 to Rs 1,76,383 with a growth rate of 7.2% at constant prices during the same period. The agriculture sector is expected to grow at 5.5% in 2022-23 as against 8.7% in 2021-22, which was a 15.2% jump from the previous year as there was a reverse migration from urban to rural areas due to Covid restrictions.
The industry sector is anticipated to reach a 5.1% growth rate in 2022-23 as against 10.3% in 2021-22 and -3.4% in 2020-21 showing a gradual recovery from Covid-19 distress. The service sector is expected to reach a 9.2% growth rate in 2022-23 as against 10.3% in 2021-22 and -6% in 2020-21. This is because of the growth in IT-related services from -9% in 2020-21 and 5.4% in 2021-22 to 9.6% in 2022-23.
The report noted that the state maintained its fiscal deficit at 3.26% well within the 4% target of the GDP. It noted that Karnataka attracted FDI of $39.36 billion between October 2019 and September 2022, which is 23% of the accruals for the entire country. Investment projects worth Rs 2.37 lakh crore were approved, creating employment opportunities to 1.95 lakh people between April and December 2022.
Encouraging agri-tech startups, agro-processing, multiple cropping, micro-irrigation expansion, encashment of carbon credits, silvi horticulture, etc. would take the growth of the agriculture sector from 14.8% to 18.8%. The standalone agriculture GDP is forecast to grow from Rs 3.09 lakh crore to Rs 16.5 lakh crore by 2032.
The report stated that around 15,000 acres of available industrial land in Vijayapura, Ballari, Dharwad, Shivamogga, Hassan, Ramanagara, Tumakuru and Chikkaballapur will be optimally utilised. Private sub-sector ‘plug and play’ industrial clusters will push the growth of MSMEs beyond Bengaluru and generate employment to around 50 lakh people.
Rs 6,000cr for implementing 7th Pay panel recommendation
BENGALURU: CHIEF MINISTER Basavaraj Bommai said Rs 6,000 crore has been allocated for implementation of the 7th Pay Commission recommendations. Bommai said the government has already set up the commission, chaired by retired chief secretary Sudhakar Rao, which is studying the revision of government employees’ salaries.
“If needed, addi-tional funds will be included in the supplementary budget. We are committed to implementing the commission report this year itself. We will implement it at the earliest ,” he added. The Chief Minister made the announcement in the post-budget press conference after the state government employees’ association members expressed displeasure over not having a mention of the pay commission recommendation in the budget presented earlier in the day.
