Drought major reason for Karnataka’s growth slow down: CM    


Team Udayavani, Mar 16, 2017, 12:47 PM IST

Bengaluru: Drought was the major factor for the decline of growth rate of industry and service sectors in Karnataka, Chief Minister Siddaramaiah said on Wednesday.

In his post-budget media briefing, he said the trend was not limited only to Karnataka, but also to the entire country.

The growth rate of Gross State Domestic Product (GSDP) had been brought down from 7.3 per cent during 2015-16 to 6.9 per cent during the closing fiscal 2016-17, he said.

“This is a trend in the entire country, it is not only in Karnataka. It is the same trend going on in the entire  country,” he said citing all-India figures for 2015-17.

Siddaramaiah said the industry sector was expected to grow at 2.2 per cent compared to 4.9 per cent during the previous year, while the service sector expected to register a growth of 8.5 per cent during the current year as compared to 10.4 per cent the previous year.

The agriculture sector is expected to grow by 1.5 per cent this year.

Siddaramaiah said the budget has a fiscal deficit of Rs 33,359 crore, 2.61 per cent of GSDP, as mandated by Karnataka Fiscal Responsibility Act.

With Rs 37,092 crore loan on governments head, the total liabilities of the state has increased to Rs 2,42,420 crore by the end of 2017-18, which is 18.93 per cent of the GSDP, well within the 25 per cent cut off mandated by the Karnataka Fiscal Responsibility Act, Siddaramaiah said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kinnigoli: Truck carrying red stone collides with Auto-Rickshaw; driver injured

UP govt to install 150,000 toilets for Maha Kumbh, set up paying guest facilities

Kavoor Police arrest two notorious cattle thieves

Udupi: Unidentified body found near Bailkere’s Vidhyodaya School

Sexual harassment case cannot be closed on basis of compromise between parties: SC

MLC Ivan D’Souza defends CM Siddaramaiah’s Lokayukta appearance, criticizes BJP’s ‘Drama’ claims

Ranji Trophy: Shreyas Iyer’s majestic 233 puts Mumbai in complete command against Odisha

Related Articles More

Kinnigoli: Truck carrying red stone collides with Auto-Rickshaw; driver injured

Kavoor Police arrest two notorious cattle thieves

Udupi: Unidentified body found near Bailkere’s Vidhyodaya School

MLC Ivan D’Souza defends CM Siddaramaiah’s Lokayukta appearance, criticizes BJP’s ‘Drama’ claims

Mangalore University to host Intercollegiate Women’s Kabaddi tournament at Besant College

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Felling of trees: What is being done to restore Delhi Ridge? SC asks DDA

Kinnigoli: Truck carrying red stone collides with Auto-Rickshaw; driver injured

UP govt to install 150,000 toilets for Maha Kumbh, set up paying guest facilities

Kavoor Police arrest two notorious cattle thieves

Udupi: Unidentified body found near Bailkere’s Vidhyodaya School

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.