Karnataka’s economy expanded a fantastic 132% involving 2011-12 and 2018-2019, the highest amongst the south Indian states and only behind Gujarat when compared with the industrially prosperous states of the nation.
Karnataka’s economy rose to Rs 14.08 lakh crore at the finish of 2018-19 from Rs six.06 lakh crore in 2011-12, information from the Reserve Bank of India and the state budgets showed.
Although Tamil Nadu’s economy was larger in size than Karnataka’s, its development in the existing decade in percentage terms was considerably decrease at 101%. The neighbouring Andhra Pradesh grew at a handsome 129% from 2011-19, but the size of its economy remained considerably smaller sized and pretty much half of that of Tamil Nadu.
Highlighting Karnataka’s prosperity and its sustained consumption pattern, individual loans or credit to housing, automobile and white goods enhanced by 218% in the nine years to 2019. It grew from Rs 61,300 crore in 2011 to Rs 1.95 lakh crore in 2019, the RBI information showed.
Development in individual loan segment indicates that the price tag rise in the economy is not acute and the households are capable to save for their capital expenditure. It also shows that the inflation expectation of the masses is effectively entrenched.
Loans in the individual segment did not develop as quickly in the case of Tamil Nadu while it expanded 143% in the period beneath assessment.
Private loan development was the highest in Gujarat, exactly where it rose 306% in nine years considering that 2011.
Adding an additional feather to its cap, the social sector spending of Karnataka grew almost 186% from 2011 to 2019. This was the highest amongst all Indian states. Social sector spending contains housing, education, overall health, sanitation and urban improvement amongst other people.
Karnataka, which spent Rs 92,300 crore on its social sector in 2018-19, up from Rs 32,300 crore in 2011-12. Maharashtra, with a 142% rise in commit on its social sector in nine years, came a remote second.
The information showed that Karnataka’s social sector spending grew quickly involving 2014-15 and 2018-19.
Industrial loan, also, fared effectively in Karnataka, the IT hub of the nation and dwelling to the fourth biggest technologies cluster in the globe. Karnataka credit to sector grew 86% involving 2011-12 and 2018-2019, as compared to 45% development in Tamil Nadu and a decline of 57% in Andhra Pradesh in the exact same period.