NEWS – The Chief Minister’s Office (CMO) stated that Karnataka is outperforming the national economy.

HIGHLIGHTS

• GSDP Growth Rate
  • Karnataka registered a 10.2% Gross State Domestic Product (GSDP) growth for the 2023-24 fiscal year.
  • This growth rate significantly exceeds the national average of 8.2%.
  • Growth is attributed to:
    • Strategic investments
    • Innovative policies
    • A business-friendly environment
  • Revised Growth Projections
    • The National Stock Exchange (NSE) initially projected a 4% growth for Karnataka but revised it to 13.1%.
    • This change indicates an underestimation in early economic performance measurements.
  • Future Projections
    • For 2024-25, the NSE projects a 4% GSDP growth rate for Karnataka, while the Ministry of Finance predicts a 14% growth.
    • Strong economic indicators include:
      • 10% year-on-year growth in GST collections
      • 24% year-on-year growth in stamp duty revenue (as of September 2024)

Socioeconomic Indicators

• GSDP Per Capita
  • Karnataka’s GSDP per capita is among the highest in India, on par with Telangana.
  • The state’s policies, particularly the Guarantees, aim to ensure equitable growth and reach every citizen.
• Challenges Faced
  • Despite the positive growth, Karnataka has faced significant challenges:
    • Worst drought in a decade, impacting agricultural output negatively.
    • Heavy reliance on the IT and hardware sectors, which make up 28% of its Gross State Value Added (GSVA).
    • Global economic slowdown affecting these sectors.

Law and Order and Economic Growth

• Improved law and order will lead to increased investments, which in turn will enhance employment and economic growth.
• Government Initiatives
  • Announcement of plans to build:
    • 100 new police stations at a cost of Rs 200 crore.
    • 10,000 police residential quarters by 2025, costing Rs 2,000 crore.
  • Establishment of seven public schools for children of police personnel in key locations.
• Crime Prevention Measures
  • The state has installed 6,000 CCTV cameras and deployed 260 patrol vehicles for crime prevention.
  • The government pledged full cooperation with the police to enable them to work freely and independently.