BANGALORE, FEB 8: Karnataka’s economy is projected to grow over 5.9 percent this fiscal (2012-13) as against 5.5 percent last fiscal (2011-12), despite the service sector’s contribution declining by 60 basis points (0.6 percent) year-on-year (YoY). According to the economic survey released, just before Chief Minister Jagadish Shettar presents the state budget for the ensuing fiscal (2013-14) in the legislative assembly Friday, the agriculture and allied sectors, ...

Bangalore, FEB 8: Karnataka’s economy is projected to grow 5.9 percent this fiscal (2012-13) as against 5.5 percent last fiscal (2011-12), despite the service sector’s contribution declining by 60 basis points (0.6 percent) year-on-year (YoY). According to the economic survey released, just before Chief Minister Jagadish Shettar presents the state budget for the ensuing fiscal (2013-14) in the legislative assembly Friday, the agriculture and allied sectors, however, have recovered from the poor peformance last year, and the effects of the severe drought that followed deficit rainfall during the southwest monsoon in the first half of this fiscal (April-Sept).

“The gross state domestic product (GSDP) is expected to grow 5.9 percent to Rs.303,444 crore (Rs.3.3 trillion), with the services sector contributing 8.9 per cent (9.5 per cent last fiscal), agriculture sector 1.8 percent (-2.2 percent),” said the survey, which was tabled in the state legislature. The services sector comprises real estate, business services and banking and insurance, among others.

Food grain production is likely to be 12.5 million tonnes as against the target of 13.7 tonnes due to drought in 157 local bodies’areas across the state, with area coverage under kharif and rabi seasons being 1.62 million hectares of farmlands. “The state government’s initiatives in the primary sector, including agriculture and allied activities, contributed to better redistribution of wealth and inclusive growth,” the survey highlighted, though the state’s growth rate will be a tad less than the all-India average.

Karnataka’s accumulated debt almost equal to budget size

BANGALORE, MAR 27: The accumulated debt of Karnataka is almost equal to the size of the annual budget. The Chief Minister of Karnataka, Mr D V Sadananda Gowda, said the state’s accumulated debt is estimated to be Rs 1,02,561 crore on March 31 this year, up from Rs 95,192 crore a year ago. Responding to Mr Appaji alias Channabasavaraj Shankarrao Nadagouda (Congress) during question hour in the Legislative Assembly, Mr Gowda, however, stressed that the state’s borrowings are “within permissible limits“...

Karnataka’s accumulated debt almost equal to budget size

BANGALORE, MAR 27: The accumulated debt of Karnataka is almost equal to the size of the annual budget. The Chief Minister, Mr D V Sadananda Gowda, said the state’s accumulated debt is estimated to be Rs 1,02,561 crore on March 31 this year, up from Rs 95,192 crore a year ago. Responding to Mr Appaji alias Channabasavaraj Shankarrao Nadagouda (Congress) during question hour in the Legislative Assembly, Mr Gowda, however, stressed that the state’s borrowings are “within permissible limits“. Last week, he presented the 2012—13 state budget facilitating a total expenditure of Rs 1,02,742 crore, an increase of 20.42 per cent over the budget of Rs 85,319 crore in the previous fiscal, exceeding the budget size of Rs one lakh crore for the first time.

In 2011—12 till January this year, the Government has borrowed loans to the tune of Rs 5,154.72 crore, Gowda, who also holds the Finance portfolio, said.

According to the Economic Survey of Karnataka 2011—12, advanced estimates of the state’s Gross State Domestic Product (GSDP) at constant (2004—05) prices show that the state’s economy is expected to grow at 6.4 per cent and reach Rs 2,97,964 crore in 2011—12 (from Rs 2,79,932 crore in 2010—11). Karnataka’s economy is showing encouraging trends due to a strong services sector, which grew by 10.6 per cent in 2011—12

Karnataka’s accumulated debt almost equal to budget size

NEW DELHI, FEB 7 (IANS): The Indian economy this fiscal would grow at a sharply lower rate of 5 per cent, lowest in a decade, due to poor performance of agriculture, manufacturing and services, according to government estimates released on Thursday. In 2002-03, the Gross Domestic Product (GDP) had grown at 4 per cent.

Karnataka’s accumulated debt almost equal to budget size

New Delhi, FEB 7 (IANS): The Indian economy this fiscal would grow at a sharply lower rate of 5 per cent, lowest in a decade, due to poor performance of agriculture, manufacturing and services, according to government estimates released Thursday. In 2002-03, the Gross Domestic Product (GDP) had grown at 4 per cent.

"The growth in GDP during 2012-13 is estimated at 5 per cent as compared to a growth rate of 6.2 per cent in 2011-12," said an official release quoting advanced estimates released by the Central Statistical Organisation (CSO). The estimates lowered the growth in agriculture and allied activities to 1.8 per cent in 2012-13, compared to 3.6 per cent 2011-12.

The figure is much lower than the government and the Reserve Bank projections of 5.9 and 5.5 percent respectively. In fiscal 2011-12, the economy had grown at 6.2 percent.

C. Rangarajan, chairman of the Prime Minister's Economic Advisory Council, found the data "disappointing" but said the final figure could still be higher than currently forecast.