IT services gives state GSDP 18.4% reboot after Covid slowdown
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, according to a state economic survey released by the government Friday.
The state will record a GSDP of Rs 20.49 lakh crore in 2021-22 which is a sizable jump from the Rs 17.31 lakh crore recorded in 2020-21, according to estimates presented in the economic survey. The biggest contributor to the surge in GSDP has been the services sector – the bulwark of the state economy – with a 15 per cent growth in GSDP from Rs 10.40 lakh crore to Rs 12.06 lakh crore. The two other key sectors contributing to the Karnataka economy, agriculture and industry, have been sluggish.
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