Karnataka's Economic Surge: Overcoming Adversities to Excel

Karnataka reported a remarkable 10.2% GSDP growth in 2023-24, surpassing the national average. Despite challenges like droughts and global IT market slowdowns, the state’s economy showed resilience. Strong fiscal indicators and pro-people policies contributed to the positive outlook, with future growth projections set optimistically.

Karnataka has demonstrated formidable economic resilience, registering a growth of 10.2% in its Gross State Domestic Product (GSDP) for the fiscal year 2023-24, surpassing the national average of 8.2%, the state government announced on Monday.

The Ministry of Statistics and Programme Implementation (MoSPI) initially estimated Karnataka's growth at a modest 4%, later revising it to 13.1% by the fiscal year's end. This revision reflects an underestimation of the state's economic strength, achieved despite severe drought and a global IT market slowdown.

Looking ahead, the Ministry of Finance projects a 14% GSDP growth for 2024-25, buoyed by robust fiscal indicators and a 10% increase in GST collections. The Congress-led government credits its growth to pro-people policies that have reached all societal sections.

(With inputs from agencies.)