States » South


Karnataka can become $1 tln economy by 2032: FICCI report

Karnataka can become $1 tln economy by 2032: FICCI report

Bengaluru, Oct 8 (UNI) Karnataka has the potential to increase its performance to become a $1 trillion economy by 2032, according to an action-oriented report prepared by FICCI and the state government.
This will likely require increasing the state’s economic growth rate from 13 percent to 17 percent per year and may involve targeted interventions to drive cross-sectoral growth initiatives across high- and low-performing sectors, the report said.
The report was distributed to reporters in a press conference ahead of the SOUL Conclave on technology to be held here on October 11.
As one of India's top five states, Karnataka has demonstrated strong growth over the years, and in the 2022–23 period, it had a per-capita gross state domestic product (GSDP) of Rs 3.16 lakh and GSDP of Rs 22,81,127 crore, report said.
The services sector grew the most during this period, at 15.5 percent, followed by manufacturing at 10.8 percent, and agriculture at 11.8 percent, it said.
The services sector was also the largest contributor to Karnataka’s GSDP, making up more than two-thirds of the economy, it added.
"This skewed sectoral landscape provides the state with an opportunity to invigorate agriculture and manufacturing to become economic powerhouses, " the report said.
Similarly, interventions in the services sector, particularly in education, healthcare, tourism, and technology, could help Karnataka attain its 2032 vision, it said.
Overall, the interventions that these outcomes call for could involve a
cumulative investment of Rs 152.87 lakh crore over the next ten years, of which Rs 22.93 lakh crore is expected from the Karnataka government and Rs 107.01 lakh crore is expected from the private sector, the report.
"On the growth path we envision, the Karnataka economy could be worth $500 billion by 2026–27 and $1 trillion by 2032. In addition to the interventions, the state may have to overcome challenges in
various sectors. These include poor urban mobility, duplication of functions by state departments and parastatals, low enrolment in education, inadequate transport services and infrastructure in rural areas, and the concentration of
public services and employment opportunities around Bengaluru," it said.
With a careful and detailed plan, Karnataka can tackle these challenges on a sector-by-sector basis. These interventions could add Rs 23.4 lakh crore to the economy in 2031–32, taking the state to its $1 trillion goal, the report said.
Beyond these cross-sectoral initiatives, each of the 14 sectors have been proposed for specific aspirations for growth, it said.
Eleven aspirations across 14 priority sectors have been proposed for growth, the report said.
UNI BDN GNK

More News

India averted ISS mission disaster: ISRO Chief

13 Jul 2025 | 11:13 PM

Bengaluru, July 13 (UNI) Indian Space Research Organisation (ISRO) Chairman Dr V Narayanan has revealed that Indian scientists played a decisive role in halting a potentially hazardous rocket launch to the International Space Station (ISS), underscoring India's increasing influence in global space missions.

see more..

AP: Gynaecology State scientific session displays modern surgeries

13 Jul 2025 | 11:07 PM

Kakinada, July 13 (UNI) The two day scientific session organised at the Rangaraya Medical College here ended today with over 1300 Gynecologists from a number of states engaging in detailed discussions on modern treatment
The participants also exchanged notes on latest innovations in surgical methodologies, said conference in-charge Kondamuri Satyanarayana.

see more..

AP: CPI to launch stir against privatisation of Vizag steel plant, electricity smart meters

13 Jul 2025 | 10:30 PM

Kakinada, July 13 (UNI) The CPI will formulate agitation programmes at the party's two-day district conference to be held at Samalkot on July 16 and 17, on vital issues such as protection of the Vizag steel plant from privatization, pressurizing the state government to implement its election promises and also demanding withdrawal of electricity smart meters.

see more..

Develop greenery for human survival: ex-DME

13 Jul 2025 | 10:17 PM

Kakinada, July 13 (UNI) Former Director of AP Medical Education, Dr Raghavendrarao, today said that plants which form the greenery were very much essential for the very survival of the humans.

see more..

Vijay leads massive protest demanding justice for custodial death victims, hits out at Stalin

13 Jul 2025 | 9:09 PM

Chennai, July 13 (UNI) In his first ever public protest demanding justice for custodial deaths in Tamil Nadu under the ruling DMK headed by Chief Minister MK Stalin, Tamilaga Vettri Kazhagam (TVK) founder president and actor Vijay today asked the Chief Minister why he was taking shelter under the Central Bureau of Investigation (CBI), which he termed as a handmaiden of the RSS and BJP.

see more..