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Article : Karnataka Industry Takes The Lead

With inputs from the official website of the Government of Karnataka, Huned Contractor compiles a report about the industrial health of Karnataka and provides reasons for its consistent growth over the years.Karnataka is a leading state in terms of industrial growth in India. Not only is it the hub of the IT industry in the country, its technology cluster ranks as the fourth-largest in the world. The state has 47 IT and ITeS SEZs, several regions dedicated to IT investment, and three software technology parks. Apart from the IT industry, the state also has sector-specific SEZs dedicated for other major industries. Karnataka’s flora and fauna along with a natural coastline of 320 km provide its tourism industry a major boost. The key industries of Karnataka include aeronautics, automobiles, biotechnology, cement, chemicals, e-commerce, electrical-electronics, engineering, floriculture, healthcare, iron and steel, leather, mining, pharmaceuticals, plantation, construction, renewable energy, sugar, telecom, agriculture, petrochemical, etc.Karnataka occupies its position among the high economic growth states of India.

In the year 2015-16, Karnataka contributed 7.54% to the GSDP of India. The state’s GSDP was USD 156.23 billion. During the period between 2004 and 2016, the state’s GSDP increased at a rate of 13.93%. The NSDP increased at a compound annual growth rate of 14.19% and reached USD 142.9 billion. As per the official website of the state, Karnataka is a land rich in natural resources. Its policy incentives and infrastructure play a significant role in attracting investments for the various industrial sectors in the state. As per the data released by the Department of Industrial Policy and Promotion (DIPP), Karnataka has attracted FDI equity inflows amounting to USD 20.24 billion during the time frame of April 2000 to March 2016.

 

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