Latest update: February, 2018
Last Updated: February, 2018
KARNATAKA State Report | February, 2018
Karnataka is located in the southern region of India. It is surrounded by the Arabian Sea on the west, Goa on the northwest, Maharashtra on the north, Andhra Pradesh on the east, Tamil Nadu on the southeast, and Kerala on the southwest.
At current prices, the gross state domestic product (GSDP) of Karnataka was about US$ 175.8 billion in 2016-17. The GSDP of the state grew at a CAGR of 13.33% between 2011-12 and 2016-17. The per capita GSDP increased at a compound annual growth rate (CAGR) of 12.11 per cent between 2011-12 and 2016-17 to US$ 2,708.9.
The state has attracted Foreign Direct Investment (FDI) equity inflows worth US$ 27.095 billion during the period April 2000 to September 2017, according to data released by Department of Industrial Policy and Promotion (DIPP).
Karnataka has vibrant automobile, agro, aerospace, textile & garment, biotech and heavy engineering industries. The state has sector-specific SEZs for key industries such as IT, biotechnology, and engineering, food processing and aerospace.
Karnataka is the IT hub of India and home to the fourth largest technology cluster in the world. In 2016-17, total exports from the state aggregated to US$ 82.06 billion. Karnataka has 47 IT/ITeS SEZs, three software technology parks and dedicated IT investment regions. As of January 2018, Karnataka had a total installed power generation capacity of 22,289.96 megawatt (MW).
Karnataka boasts of a diverse flora and fauna and a 320 km natural coast line, which makes it a nature tourist's paradise. Tourist arrivals in the state increased from 25.2 million in 2005 to 130.3 million in 2016.
Karnataka offers a wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19. Through the ESDM Policy 2013, the government of Karnataka has planned to facilitate, promote and develop the ESDM sector in Karnataka and make the state a preferred destination for investment in this sector. Karnataka has released its Startup Policy 2016 with the objective of stimulating growth of 20,000 technology startups, creating 6,000 product startups and mobilizing Rs 2,000 crore (US$ 293 million) worth of funds. In September 2017, the government of Karnataka passed the ‘Karnataka Electric Vehicle and Energy Storage Policy 2017’. Electric Vehicles manufacturing in Karnataka is expected to attract investments worth US$ 4.82 billion and create 55,000 jobs.
Last Updated: March 05, 2018