💸 CM releases ‘Karnataka: A $1 trillion GDP Vision’

Chief Minister Basavaraj Bommai released a book published by Niti Aayog and the State’s Planning Department on Tuesday.

Story so far: Authored by former Infosys executive and entrepreneur, T V Mohandas Pai and Nisha Holla of 3one4 Capital, the report presents an analysis of Karnataka’s socio-economic status and explains the factors contributing to the state ranking as one of India’s top 5 state economies.

• Based on this report, CM Bommai indicated that the government would formulate an action plan for creating a $1 trillion GDP for the state.
• Karnataka has the third-highest GDP in FY22, with 66% of its economy coming from services.

Recommendations: The report states that a re-evaluation of the state’s growth drivers is required due to the pandemic. In order to reach its GDP target, the state government will have to create a social security net for the growing senior population and create opportunities to build a skilled workforce.