Services Sector Growth Spurs Karnataka Economy

"Share of exports as percentage of GSDP has increased to 43 percent in last fiscal," Prasad noted.

The state is home to 2,500 IT firms including global software majors like Infosys and Wipro and multinationals such as IBM, Accenture, HP, Intel, Microsoft, GE and Texas Instruments among others.

According to the state's economic survey, a copy of which was tabled in the state legislature on Monday during the second day of the budget session, the GSDP at constant prices (2004-05) will grow seven percent to 344,106 crore by this fiscal-end (March 31) from 321,455 crore at last fiscal-end (2013-14).

"Per capita income at current prices is expected to be 100,594 as against 89,545 last fiscal, indicating 13.5 percent year-on-year (YoY) growth," Prasad said, citing the survey data.

The general index of industrial production (IIP) comprising mining, manufacturing and electricity sectors stood at 176, while the organized sector grew 3.7 percent YoY.

"About 26,000 micro, small and medium enterprises registered in the state and invested 2,851 crore to provide jobs to 1,67,347 people last fiscal, indicating YoY growth of 7.3 percent, 32 percent and 7.6 percent respectively," Prasad said.

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