Summary:
Also, for the first six months 2018-19, value of exports stood at Rs 3.2 lakh compared to Rs 5.4 lakh crore for the whole of 2017-18. Chief minister HD Kumaraswamy attributed the degrowth to the drought situation.The survey estimated that Karnataka’s GSDP to be Rs 10.8 lakh crore in 2018-19, compared to Rs 9.9 lakh crore the previous year. At current prices, the GSDP is expected to grow at 13.9% compared to 14.7% in 2017-18.Further, revenue receipts for the year increased to Rs 1.7 lakh crore from 1.5 lakh crore in 2017-18, riding on increased tax revenue. The per capita state’s own tax revenue increased to Rs 15,657 from Rs 13,669 in the previous year at a rate of 16%.Overall, the state’s own tax revenues increased to Rs 1.06 lakh crore from Rs 62,604 crore, registering a compound annual growth rate of 11.2%. The dip in the growth of the agricultural sector is on account of fall in production: 100 lakh tonne from 144 lakh tonne in 2017-18.This means that the government faces several fiscal challenges arising from limited upside potential for resource mobilisation relative to the GSDP..