Karnataka expects promising growth due to agriculture sector

Team Udayavani, Dec 18, 2024, 8:25 AM IST

Belagavi: Karnataka is expecting a promising economic growth due to good south-west monsoon, the state government said in its report.

In its ‘Mid year review of state finances 2024-25’, which was tabled in the assembly on Tuesday, the Karnataka government said the state economy will be on growth trajectory with positive outlook in agriculture sector.

The report said that the state’s GSDP had registered a growth of 10.2 per cent in nominal terms for 2023-24.

“The growth trajectory of the State economy is likely to continue at steady pace with positive outlook in agriculture sector, which has significantly picked up due to good south-west monsoon. This will contribute to both supply and demand side factors behind GSDP growth,” the report said.

The government said that its efforts to promote economic growth, including favourable policies, infrastructure development, and incentives to attract both domestic and international businesses point to a promising future for Karnataka.

These initiatives are expected to create employment opportunities and industrial and service sectors, it noted.

According to the report, Karnataka’s fiscal performance in the first half of 2024-25 has been exceptional, registering a growth in revenue receipts of 13.8 per cent over the corresponding period of the previous year.

“The State continues to hold the second position in total GST revenue contributions to the country. A growth of 11 per cent has been achieved in total GST revenue generated from State in first half of 2024-25 compared to 2023-24,” the government said.