What This Year’s Karnataka’s Economic Survey Tells about the State Economy?

Abstract

Despite the repercussions of COVID-19 pandemic on Karnataka’s economy, the recent economic survey of Karnataka 2021-22 underlines the deepening economic recovery in the state through its various indicators. During the period of 2020-21, state faced negative contractions in the growth rate of its major sectors like industry, tourism, employment generation. In current FY the state has well managed the budgetary resources to affected areas and which has reflected in the state’s gross state domestic product. Further the state needs to balance its workforce ratio to maintain its path of growth as the state has aimed to become 1.5 trillion economy in near future. In addition to special attention to industry sector is required through the budgetary spending as the sector has largely affected by pandemic.

Keywords: COVID-19, Economic survey, Gross State Value Added, Employment, Innovation, Industry, Karnataka, Tourism, workforce ratio, investment