Home to the third highest number of billionaires in the world, India is widely regarded as one of the richest countries in the world by GDP. "Karnataka has demonstrated economic resilience during the Covid - 19 pandemic and has taken several policy decisions to accelerate growth. BENGALURU: Chief Minister Basavaraj Bommai on Tuesday said Karnataka's economy will pick up pace by 2025, and contribute $1.5 trillion to transform the country into a . Did your state make it to the list? It is also targeting to garner 50 per cent market share of India's bio-economy (biotechnology-economy) by 2025. The major food crop produced by Telangana is Rice. The two other key sectors contributing to the Karnataka economy, agriculture and industry, have been sluggish. Karnataka is also rich in minerals and it is one of the top states producing Chromite and magnesite in India. Export of electronics and computer software from the state reached US$ 81.4 billion in FY20 and US$ 38.8 billion in FY21 (until November 2020), respectively. By the year 2035, the city of Bengaluru in Karnataka will have a year on year GDP growth of 8.5%. West Bengal also has variety of minerals like coal, limestone, iron, manganese, china clay, wolfram. However, during the course of the year, it has picked up and we will be reaching our targets estimated in the Budget.. As per the study, merchandise exports from Karnataka in 2019-20 were valued at $16.6 billion, and registered an average annual growth rate of 4.8 per cent, during 2010-11 to 2019-20. The services sector has seen a surge in growth in GSDP in the Covid year compared to the industry and agriculture sector. The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. The Karnataka Digital Economy Mission (KDEM) aims for the State's contribution to India's digital economy to reach $300 billion by 2026 by enabling holistic growth of the tech sector IT . As a Premium user you get access to the detailed source references and background information about this statistic. The income of farmers has grown in the range of 1.3-1.7 times in FY22 from the FY18 levels on average while grain exports soared to over USD 50 billion, says an SBI Research report. The Economist . In June 2021, the Karnataka government amended the policy to offer more impetus to the electric mobility sector. Karnataka Bank said the sharp surge in Q2 profit was mainly on account of improved asset quality, healthy growth in . At current prices, Karnatakas gross state domestic product (GSDP) is projected to be ~Rs. Maharashtra is however regarded as the economic capital of India. Bengaluru: Chief Minister Basavaraj Bommai on Tuesday October 18 indicated to prepare an action plan for creating $1 trillion GDP for Karnataka. Toggle Menu. Profit from the additional features of your individual account. The Karnataka government said on Thursday it is aiming to mould the state into a $300 billion digital economy in the next five years. You need to know that the ranking of this list of the 10 richest states in India is based on Indian states with the highest GDP. Gujarat was founded on May 1, 1960 and Gandhinagar currently serves as the states capital city. Indian residential real estate managed to stage a convincing bounce-back across the top seven property markets in 2021 despite the devastating second wave of Covid-19 pandemic. Kerala has a GDP of 9.78 lakh crore ($130 billion), and it remains one of the most-richest states in India 2022. ello there! Chennai is the state capital city of Tamil Nadu and likewise the largest city in the state. With the current pace, India is much ahead of any income grouping. Karnataka received more than $16 USD billion in FDI in the pandemic struck FY21 signifying the potential of its technology based growth engines, the economic survey reads. . GDP at factor cost of Karnataka in India from financial year 2012 to 2021 (in trillion Indian rupees) [Graph]. Mastodon: How to sign up for the decentralised Twitter alternative, Rohit Sharma, Babar Azam, Hardik Pandya & other batsmen who are due a big one ahead of the T20 world cup semifinals, Lunar eclipse: India timing, how to watch and everything else, 3 times Apple cut iPhone production in the past, You couldve been arrested: Grandma's reaction when woman pranks her with Katy Perrys Last Friday Night wins hearts online, Shoaib Akhtar reacts hilariously to a fan mimicking Shah Rukh Khan during an interaction. Telangana leads with Rs 56,767 crore of off budget borrowings between 2019-20 and 2021-22, which is over 4.5% of its GDP. Watch, Samantha Ruth Prabhu breaks down as she speaks about battling myositis: 'I'm in a difficult position, I hope to survive this', Watch: This teachers lyrical lesson on the Hindi alphabet has everyone singing along, Food blogger tries jalebi with aloo ki sabzi at famous Mathura shop. Tourist arrivals in the state increased from 214.85 million in 2018 to 228.54 million in 2019. Rajasthan has a GDP of 10.21 lakh crore ($140 billion), making it one of the richest states in India. Deputy Chief Minister and the Minister for IT, BT and S&T, C N Ashwath Narayan said, "we will mould Karnataka from the present 52 billion dollar digital economy into a 300 billion dollar digital . Karnataka: 16,28,92,793 200 14,75,27,677 180 6 West Bengal: 12,07,82,261 150 11,00,65,072 140 7 . It may be heartening to see some of the low-income states catching up rapidly. Karnataka is the IT hub of India & home to the fourth-largest technology cluster in the world. We are encouraging new-age technologies, driving digital growth and transformation. The report calls for a re-evaluation of the state's growth drivers in the light of the pandemic and the upcoming golden targets of reaching USD 500 billion GDP by 2026 and USD 1 trillion GDP by . The state is rich in mineral resources and some of which include bauxite, limestone, granite, coal, and glass sand. Kindly let us know in the comment session below, including what you think of this article. Karnataka Aerospace Policy has identified an investment potential of US$ 12.5 billion in this sector during 2013-23 and plans to develop aerospace clusters in different regions of the state. Bengaluru, Mysuru, Mangaluru & Hubballi-Dharwad are the major contributors, Belagavi & Kalaburagi are the other important cities contributing to the economy of Karnataka.Coffee and Tea are also grown on the slopes of the Western Ghats in the district of Kodagu, Chikkamagaluru and Hassana.Karnataka produces 70% of India's coffee, of . Maharashtra is richest state in India, having a GDP of 32.24 lakh crore which is equivalent to US$430 billion. UP juvenile accused of attack on Punjab police HQ: Father says tho How India can contribute to the peace efforts in the Russia-Ukraine war. A significant rise in homeownership aspirations was supported by developer discounts and offers, government incentives like Maharashtra, Karnataka, Madhya Pradesh, and West Bengal's stamp duty reductions, and lenders' maintaining decadal-low interest rates. For consent The Karnataka Digital Economy Mission (KDEM) aims for the State's contribution to India's digital economy to attain $300 billion by 2026 by enabling holistic development of the tech sector IT, IT A paid subscription is required for full access. Register in seconds and access exclusive features. Gujarat is an Indian state located in the western coast of the country. Currently, you are using a shared account. Although allied services sectors, like the hospitality and tourism services, suffered during the pandemic, the IT services sector, which is a key component of the economy in Karnataka, has thrived in the last two years on account of a surge in demand for IT-related services in the Covid hit world. Of this, central utilities contributed 4,047.70 MW, private utilities (17,684.41 MW) and state utilities (8,845.49 MW). 16 Oct, 2022, 12.00 PM IST. "GDP at factor cost of Karnataka in India from financial year 2012 to 2021 (in trillion Indian rupees)." Use Ask Statista Research Service, Values in current prices based on FY 2012. In FY22, Karnataka is estimated to grow at a robust rate of 18.4 per cent compared to 17.5 per cent for India, says the economic survey of Karnataka. Subscribe Now: Get Express Premium to access the best Election reporting and analysis . It is surrounded by the Arabian Sea on the west, Goa on the northwest, Maharashtra on the north, Andhra Pradesh on the east, Tamil Nadu on the southeast, and Kerala on the southwest. Karnataka - GDP of 16.29 lakh crore ($228 billion) The fifth wealthiest state in India is Karnataka, having a GDP of 16.29 lakh crore which when converted equals $228 billion. It was founded on November 1, 1956 and its current capital is Thiruvananthapuram. Karnataka boasts of diverse flora and fauna and a 320 km natural coastline, which makes it a nature tourist's paradise. Uttar Pradesh is the largest producer of wheats and food grains in India and as well famous for the production of sugarcanes, oil seeds, mangoes and potatoes. Chongqing. Bengaluru: The Karnataka government said on Thursday it is aiming to mould the state into a USD 300 billion digital economy in the next five years. Karnataka is the first state which came out with an aerospace policy in the country. (November 23, 2021). Watch her reaction, Rahul Dravid, Rohit Sharma and Virat Kohli give-up business class so that team's pacers get rest and more leg-space, Pak vs NZ tip-off XI: Haris to open, Babar to bat at three, Nawaz to bowl in the powerplay, Kashmir accession: Nehrus naivete, Mountbattens dubious role led to problem. This will enable the airport to handle around 35 million passengers per year. I am in Kyiv, no one has escaped anywhere: Zelenskyy shares video after Russia claims he is in Poland, Copyright 2022 The Indian Express [P] Ltd. All Rights Reserved, Karnataka economic survey: IT services gives state GSDP 18.4% reboot after Covid slowdown, Karnataka Chief Minister Basavaraj Bommai with the state's Budget on Friday. 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Karnataka Chief Minister Basavaraj Bommai with the state's Budget on Friday. related queries and conditions, please write to info.brandindia@ibef.org, Copyright 2010-2022 India Brand Equity Foundation, Electronics System Design & Manufacturing, Gurugram, Bengaluru, Hyderabad among top cities for favourable housing sales: Experts, Year-on-year sugar production till January 31 up by 5.6%, says ISMA, On World Hearing Day, Dr. Harsh Vardhan virtually inaugurates 6 new 'Outreach Service Centres for Communication Disorders' across the country by AIISH, Mysuru, Embassy partners Canadian fund to set up US$ 500 million platform to build commercial properties, Jan Aushadi Kendras record sales of Rs 484 Crore (US$ 66.13 million) this Financial Year. In plain English, in 2019-21, for nine out of the 11 variables chosen, Bihar fared worse than the corresponding all-India average. "One of the key goals of the State is to achieve 50 per cent market share of the national bio-economy target of 100 billion US dollars . Agriculture, Livestock, Manufacturing and Services Industries are some of the main contributors to Telanganas economy. and over 1Mio. The growth was in the range of 10 per cent for two subsequent years before slipping below 10 per cent in the Covid years. Five states, namely, Bihar, Kerala, Punjab, Rajasthan, and West Bengal, figure among the most stressed states fiscally, as per a Reserve Bank of India article. Its capital is the city of Hyderabad. The state has had to face a lot of challenges over the past two years due to the onset of the Covid pandemic which has resulted in a slowdown of the economy. Bengaluru will be followed by Dhaka, Mumbai, and Delhi. November 23, 2021. "The Government of Karnataka has taken significant steps to embrace Industry 4.0. The government released its first draft of the bio-economy report 2020 at the Bengaluru Tech Summit. For example, FY 2016 started in April 2015 and ended in March 2016. Indias sugar production grew 5.6% YoY to 187.08 lac tons till January 2021, as per Indian Sugar Mills Association (ISMA). statistic alerts) please log in with your personal account. karnataka gdp News and Updates from The Economictimes.com. By far the worst state is Bihar, which secured 9 points out of 11. Please create an employee account to be able to mark statistics as favorites. Siddaramaiah, who was in Delhi to talk to Congress leaders Rahul Gandhi and Sonia Gandhi, said there was no disagreement between the state party leaders, particularly DK Shivakumar, and they were ready to face the election together. Published by Statista Research Department , Sep 12, 2022 In the financial year of 2021, the gross domestic product of the southern state of Karnataka amounted to about 16 trillion Indian. Rajasthan was founded on March 30, 1949 and its current capital is the city of Jaipur. Infringements are subject to prosecution under the applicable laws. 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Export of electronics and computer software accounted for 85% share in Karnatakas overall exports. It is bordered by Punjab to the north, Haryana and Uttar Pradesh to the northeast, Madhya Pradesh to the Southeast, and to the southwest, bordered by Gujarat. Nationally, the bio-economy valued at USD 62.5 billion contributed 2.3 per cent of the country's USD 2.8 trillion GDP in 2019, it said, adding that Karnataka contributes more than one-third to . It has 13,000 plus start-ups. Uttar Pradesh has an estimated GDP of 17.05 lakh crore ($240 billion), making it one of the richest states in India by GDP. In FY22 (until February 2022), the states total exports stood at US$ 22.83 billion. As per the amendment, a 15% subsidy was announced on capital expenditure on land value (fixed value assets up to a maximum limit of 50 acres land). A stand out feature of the state economy is it has the highest share of services in the Gross State Value Added of 66.1 per cent in FY22 (estimates) the highest among all states, a product of its robust IT services industry and other technology-driven areas, the economic survey has reported. Years of crippling economic sanctions and pressure from governments in the neighbourhood (mainly China) have forced North Korea to come up with creative ways to bypass these economic punishments. West Bengal was founded in 1950, on January 26 and since the 1980s, it has been among the wealthiest states in India because of its profitable trading system. Closely following Bihar is Jharkhand and Odisha with 8 of the 11 variables being worse than India's. But there is a list of those who are caught in a funk of low per-head incomes and low growth. Accessed November 08, 2022. https://www.statista.com/statistics/962125/india-gross-state-domestic-product-of-karnataka/, Reserve Bank of India. Through the ESDM Policy 2017-22, the Government of Karnataka plans to facilitate, promote and develop the ESDM sector in Karnataka and make the state a preferred destination for investment in this sector. In the absence of any meaningful 'convergence', they will persistently pull the national average down. Karnataka has vibrant automobile, agro, aerospace, textile and garment, biotech, and heavy engineering industries. In May 2022, the Karnataka government signed an MoU with Israel-based ISMC Analog Fab Private Limited to set up a semiconductor fabrication plant in the state with an investment of Rs. Oct 18 2022, 21:37 ist . This has led to demand for imposition of nationwide strict lockdowns to stem the spread of the virus - a move that the Modi government has so far avoided after the economic devastation last year from a similar strategy. SBI economists cut the FY22 GDP growth rate projections by 60 basis points as more states are enforcing restrictions. It is also targeting to garner 50 per . Qatar World Cup ambassador says homosexuality is damage in the mind, NEET PG 2022 Counselling: MCC extends mop up round registration deadline, 98 UAPA cases since 2005, 15 transferred to NIA, chargesheet filed in 40: Delhi Police to HC, Why the almond mom style of parenting is harmful for kids, Kim Kardashian honored at CFDA awards, calls for inclusivity, Time is fleeting: Man photographs daughter every week for 20 years. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q2 2022, Profit from additional features with an Employee Account. Despite the effect of the Covid-19 pandemic being felt across the whole state economy the state has rallied, however, towards the end of FY21 and continues to do so through FY22, says the survey. Karnataka's net state domestic product is of $47 billion. Karnataka currently contributes $100-110 billion to India's digital economy. Karnataka is a global innovation and startup hub with more than 400+ global R&D centers and 4000+ startups in Bangalore. The government should focus on primary and higher education in North Karnataka, as the enrolment rate in the region is a pitiable 19 per cent, while the state averages 32 per cent. Karnataka is in the southern region of India. As of March 2022, the state had an installed power generation capacity of 30,577.59 MW. Domestic businesses both public & private large, medium, small, startups bring fresh investment that often may be more than the total foreign investments in a year. Karnataka is among the top five states in India and has demonstrated strong growth over the years. (Express Photo) Buoyed by a strong performance in the services sector (which is allied to the Information Technology industry in Bengaluru), the Karnataka economy is set to register a GSDP growth of 18.4 per cent in the current fiscal year - the highest in the last five years and the first GSDP growth in excess of 10 per cent since the Covid-19 pandemic years . We are a team of volunteers and starting a new initiative in a community in the same nihe. You need at least a Starter Account to use this feature. subject to copyright or other applicable intellectual property laws and no part of it can be It takes the total tally to 3,60,70,510, including 4,868 cases of the Omicron variant. Watch stunning transformation, James Cameron calls Avatar films hideously expensive, says he could wrap franchise after third film if its not profitable, Now a $1 billion firm, Zoho announces new R&D investments, Education not business to earn profit, tuition fee should be affordable: SC, T20 World Cup: Englands Mark Wood complains of general stiffness, misses penultimate training session, Ramnath Goenka Excellence in Journalism Awards, Statutory provisions on reporting (sexual offenses), This website follows the DNPAs code of conduct. Rajasthan is also a mineral-rich state as gold, sandstone, silver, copper, marble, lignite, and rock phosphate are mined and produced in the state. The states GSDP increased at a CAGR of 8.79% between 2015-16 and 2022-23. Land area in India 2021, by state and union territory, Production volume of pepper India 2021, by state, Livestock inventory in India 2019, by state, Literacy rate in rural and urban Karnataka 2011 by gender. 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