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State's economic growth poised at 8.2 per cent

Special Correspondent

Bangalore: The State's Gross State Domestic Product (GSDP) is expected to reach a growth of 8.2 per cent, at Rs. 2,71,956 crore in the current fiscal (2010-11), as against 5.2 per cent in the last fiscal (2009-10), according to the State's Economic Survey of 2010-11.

The State's growth rate, which was always higher than the national average growth rate till 2007-08, is well below the national GDP growth rate of 8.6 per cent this year. For the last three years, the GSDP rates have recorded below the national growth rates.

Sector-wise growth

The primary and tertiary sectors are likely to grow at 5.9 per cent and 9.7 per cent respectively in 2010-11 compared to 4.3 and 3.7 per cent respectively in 2009-10.

The GSDP from agriculture is marginally higher than the national level of 5.4 per cent. This is primarily due to good monsoon and higher production of foodgrains, particularly pulses (31.63 per cent), oilseeds (32.14 per cent) and sugarcane (6.63 per cent), the survey said.

The secondary sector made a remarkable recovery at 9.3 per cent in 2009-10 and is projected to maintain it at 7 per cent in 2010-11. The tertiary sector continues to dominate in the economy with 55.17 per cent to GSDP at constant prices as compared to primary sector (16.22 per cent) and secondary sector (28.61 per cent).

Foodgrain production

In 2010-11, foodgrain production in the State increased at an enormous rate of more than 14 per cent over last year's production and this increase was mainly led by increase in yield rate as the area increase during the year was only 2.9 per cent.

The production of foodgrains increased from less than 11 million tonnes in 2009-10 to above 12.5 million tonnes during the current fiscal, it said.

Overall, the growth performance of Karnataka is competitive as compared to other States and at the national level, mainly contributed by tertiary and services sectors.

Irrigation potential

The cumulative irrigation potential under major, medium and minor irrigation (surface water) is anticipated to go up to 3.51 million hectares (excluding ground water) in 2010-11 from 3.44 million hectares in 2009-10.

The per capita net income (per capita NSDP at factor cost), at current prices, is estimated at Rs. 60,000 for 2010-11 as against Rs. 51,858 in 2009-10.

The growth rate in per capita net income is estimated at 15.7 per cent during 2010-11, as against 12 per cent during the previous year, the survey said.

The net State domestic product at current prices is estimated at Rs. 3,55,019 crore in 2010-11, higher by 16.9 per cent of the previous year.

Tax revenue

In the last nine months of the current fiscal, the State's tax revenue has recorded a growth of 30 per cent as compared to the corresponding period last year. The budgeted tax revenue is anticipated at Rs. 45,288.40 crore in 2010-11 as against Rs. 36,338.70 crore in the previous year.

Excise collections rise

Revenue from State excise is expected to increase by 10.24 per cent and the share in central taxes is expected to increase by Rs. 2,060.09 crore or 29.43 per cent, the survey said.

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