Service sector on a high in Karnataka
Updated: Mar 17, 2015 05:49:49pm
Bengaluru Mar 17 (KNN) The Finance Secretary I.S.N. Prasad said "The healthy growth of the services sector, led by its software industry has bailed out the state, as the farm sector growth plunged to 4.5 percent this fiscal from 9.4 percent last fiscal.
The 8.9 percent growth of the IT-driven services sector growth is expected to boost Karnataka's economy in 2014-15, an official added.
"The state accounts for 38 percent of the country's IT exports," Prasad noted. The IT industry in the state employs about a million (10 lakh) people directly and three million indirectly, as every technology job creates three indirect jobs. Similarly, electronics and computer software accounted for 61 percent of the state's exports in last fiscal. "Share of exports as percentage of GSDP has increased to 43 percent in last fiscal," Prasad said.
The state is home to 2,500 IT firms including global software majors like Infosys and Wipro and multinationals such as IBM, Accenture, HP, Intel, Microsoft, GE and Texas Instruments among others. IT exports comprising software services and products is projected to be a whopping Rs.2 lakh crore from across the state, with Bengaluru accounting for 90 percent of it.
With the industry sector's growth estimated at 4.4 percent as against 4.2 percent last fiscal, the gross state domestic product (GSDP) is likely to be 7.2 percent this fiscal as against 7 percent last fiscal."
About 26,000 micro, small and medium enterprises registered in the state have invested Rs.2,851 crore to provide jobs to 1,67,347 people last fiscal, indicating YoY growth of 7.3 percent, 32 percent and 7.6 percent respectively," Prasad added. (KNN Bureau)
The 8.9 percent growth of the IT-driven services sector growth is expected to boost Karnataka's economy in 2014-15, an official added.
"The state accounts for 38 percent of the country's IT exports," Prasad noted. The IT industry in the state employs about a million (10 lakh) people directly and three million indirectly, as every technology job creates three indirect jobs. Similarly, electronics and computer software accounted for 61 percent of the state's exports in last fiscal. "Share of exports as percentage of GSDP has increased to 43 percent in last fiscal," Prasad said.
The state is home to 2,500 IT firms including global software majors like Infosys and Wipro and multinationals such as IBM, Accenture, HP, Intel, Microsoft, GE and Texas Instruments among others. IT exports comprising software services and products is projected to be a whopping Rs.2 lakh crore from across the state, with Bengaluru accounting for 90 percent of it.
With the industry sector's growth estimated at 4.4 percent as against 4.2 percent last fiscal, the gross state domestic product (GSDP) is likely to be 7.2 percent this fiscal as against 7 percent last fiscal."
About 26,000 micro, small and medium enterprises registered in the state have invested Rs.2,851 crore to provide jobs to 1,67,347 people last fiscal, indicating YoY growth of 7.3 percent, 32 percent and 7.6 percent respectively," Prasad added. (KNN Bureau)
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