Search Global Export Import Trade Data
Recent Searches: No Recent Searches

On Bengaluru talent fuel, Karnataka is second best performing state.

Date: 24-01-2019
Subject: On Bengaluru talent fuel, Karnataka is second best performing state
BENGALURU: Karnataka , which compared the states, described Karnataka as the second best-performing state over these six years when growth is combined with two other critical macro parameters — Inflation and fiscal deficit. . Only Gujarat ranked above it.

TOI reported previously that between 2016 and 2018, the state had attracted the highest amount of investment  proposals. In 2017, it attracted as high as 44% of the total investment intentions in the country. Last year, this figure was about 25%.

Unlike Gujarat, Karnataka’s growth has been led by its services sector, and much of this services sector growth would have come from the IT sector. While agriculture and industry are growing at 4-5% or less, the services sector grew consistently between about 8.5% and 10.4% during this period.

Karnataka has over 3.5k IT firms contributing to $32bn exports

The IT sector, which accounts for close to 20% of state GDP, has been growing similarly. Karnataka is home to over 3,500 IT companies, contributing to over $32 billion of exports.

Volvo India MD Kamal Bali, also chairperson of the Karnataka State Council of industry chamber CII, said the services sector contributes twothirds to the state’s GDP. “It’s the ecosystem built over many years that is making it an attractive proposition for companies and investors to put the state at the centre of their growth story. Bengaluru has a good mix of skills in newer areas like IoT, AI, machine learning, offering global firms a quick, ready talent pool,” he said.

Bali said Karnataka has developed its capabilities in newer clusters like aerospace and automotive. The Belagavi aerospace SEZ and the Devanahalli aerospace SEZ have drawn significant investments. Honda’s Narsapura plant is now its biggest for twowheelers in the world.

Infosys co-founder Kris Gopalakrishnan, who has also been active in industry associations, attributed Karnataka’s success to the innovative companies in IT and biotech, and the many startups that are further catapulting this growth. He said the state government too has taken a number of measures to nurture innovation and entrepreneurship. The state has been a pioneer in framing policies for IT, semiconductors, startups, and even electric vehicles.

The government has done all of this by keeping its fiscal deficit well within the limit of 3% of state GDP — a limit that’s seen to be necessary for long-term sustainability. This would have been possible only because it also succeeded in raising sufficient resources.

However, the farm crisis and the government’s move to waive farmers’ loans suggest that all is not well. It remains to be seen how much the waiver would impact other investments, and, in turn, the state’s overall growth. There’s also the issue of lopsided growth. Much of the growth is being driven by Bengaluru, and the IT sector.

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 27-09-2023
Notification No. 69/2023-Customs (N.T.)
Notification to exempt deposits into ECL till 30th November 2023.

Date: 27-09-2023
Notification No. 70/2023-Customs (N.T.)
Exemption of deposits from the provisions of Section 51 of Customs Act, 1962-reg.

Date: 25-09-2023
NOTIFICATION No. 47/2023- Central Tax
Seeks to amend Notification No. 30/2023-CT dated 31st July, 2023

Date: 21-09-2023
Notification No. 68/2023 - Customs (N.T.)
Exchange Rate Notification No. 68/2023-Cus (NT) dated 21.09.2023-reg.

Date: 18-09-2023
Notification No. 46/2023-Central Tax
Seeks to appoint common adjudicating authority in respect of show cause notice issued in favour of M/s Inkuat Infrasol Pvt. Ltd.

Date: 15-09-2023
Notification No. 56/2023-Customs
Seeks to amend No. 19/2019-Customs

Date: 15-09-2023
Notification No. 30/2023-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF

Date: 15-09-2023
Notification No. 31/2023-Central Excise
dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on export of Diesel.

Date: 15-09-2023
Notification No. 67/2023-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-09-2023
Notification No. 54/2023-Customs
seeks to amend notification no. 50/2017-Customs in order to amend various entries relating to Project Imports as a result of Project Import review.

Exim Guru Copyright © 1999-2023 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001