Karnataka is the 5th richest state in India after Maharashtra, Tamil Nadu, Uttar Pradesh, and Gujarat and then followed by West Bengal, Rajasthan, Andhra Pradesh, Kerala, Telangana, etc…
In 2020-21, Karnataka’s revised gross state domestic product (GSDP) was Rs 18.03 trillion (US$ 247.38 billion) at current prices. Between 2015-16 and 2021-22, the state’s GSDP expanded at an annual rate of 8.47 percent. In 2019-20, the state’s merchandise exports totaled US$ 16.64 billion, with US$ 15.14 billion in 2020-21.
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Karnataka’s automotive, agricultural, aerospace, textile and garment, biotech, and heavy engineering industries are all thriving. For essential businesses including IT, biotechnology, and engineering, as well as food processing and aircraft, the state offers sector-specific special economic zones (SEZs).
Karnataka is India’s IT capital and home to the world’s fourth-largest technology cluster. As of October 2020, it has 34 SEZs in operation. Karnataka has a diversified flora and fauna, as well as a 320-kilometer natural coastline which makes it a natural tourist’s dream. The state’s tourist arrivals climbed from 214.85 million in 2018 to 228.54 million in 2019.
Examples
The New South Parallel Runway (NSPR) at Kempegowda International Airport began operational in December 2019. The airport will be able to handle roughly 35 million people per year as a result of this. The airport was the first in the country to have two separate parallel runways, allowing planes to land and take off at the same time.
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The state had a total installed power production capacity of 30,105.02 MW as of April 2021. Central utilities provided 4,047.70 MW, private utilities (17,256.84 MW), and state utilities (17,256.84 MW) to this total (8,800.49 MW).
Karnataka has established itself as India’s information technology (IT) powerhouse. Electronics and computer software exports from the state totaled 81.4 billion dollars in FY20 and 38.8 billion dollars in FY21, respectively (until November 2020). Electronics and computer software was the most popular exports.
Karnataka was the first state in the country to adopt an aerospace strategy. Karnataka Aerospace Policy has identified a US$ 12.5 billion investment potential in this industry between 2013 to 2023 and wants to build aerospace clusters in various parts of the state.
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