HomeBusinessKarnataka sees 46% dip in FDI in first half of current fiscal

Karnataka sees 46% dip in FDI in first half of current fiscal

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Karnataka govt announces state wide “close down” for 14 days-Telangana Today
  1. Karnataka witnessed a 46% decline in Foreign Direct Investment (FDI) from USD 5.3 billion to around USD 2.8 billion in the initial half of FY24.
  2. Start-up funding in India faced a substantial decrease of about 70%, dropping from USD 6.6 billion in Q1 FY23 to USD 1.9 billion in Q1 FY24, with Bengaluru experiencing an 80% drop in funding.
  3. The IT/Software sector in Karnataka observed a significant decline of 60% (USD four billion) in FDI, affecting the state, which hosts numerous global IT firms.
  4. Global economic factors, such as the Russia-Ukraine conflict and geopolitical tensions, along with tightened monetary policies, contributed to the decrease in FDI.
  5. Despite challenges, Karnataka remains one of India’s fastest-growing economies, boasting strong revenue collection (second highest in GST collections) and a positive economic outlook for September 2023. Efforts are underway to bolster economic growth through guarantee schemes and structural reforms.
SourceNDTV

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