Karnataka CM directs officials to implement budget announcements speedily from April 1
BENGALURU:
Karnataka Chief Minister Basavaraj Bommi on Tuesday described the Union Budget as forward-looking, growth-oriented and progressive and said it has covered all sections and sectors.
“This is the budget amid COVID pandemic. This is the forward looking budget as far as the growth of the economy is concerned and through this budget investments in infrastructure will increase and it will boost the further growth of the economy,” Bommai said.
Speaking to reporters here, he said, it will also help in creation of jobs and will help all classes of people.
“The budget has taken care of all sectors…..Common man, the working class and the business class will benefit from this budget,” he said.
Noting that the budget has taken care of all sectors including urban and rural, the Chief Minister said, MSME sector has also been taken care of as the guarantee cover for them under ECLGS (Emergency Credit Line Guarantee Scheme) has been expanded by Rs 50,000 Crore to total cover of Rs 5 lakh Crore.
Karnataka,esp our capital city Bengaluru which is the start-up hub of the country is glad that the #Budget2022 has extended the tax incentive for start-ups from 3 to 4 years of incorporation. This will be a huge relief esp in this pandemic era to these drivers of economic growth.
— Basavaraj S Bommai (@BSBommai) February 1, 2022
“Revival of MSMEs is important for the economy,” he said, adding that the budget has also given thrust to railways, highways, healthcare, also reforms in the education sector among others.
In 2022-23, states will be allowed a fiscal deficit of 4 per cent of GSDP, he said and described power reforms announced in the budget as very necessary. Bommai said, “capital outlay for the state has been increased, and as per the rough estimates we have done we may get about Rs 3,000-3,500 crore in excess to our capital account. Last time it was Rs 26,000 crore we may get about Rs 29,000 crore.”
Regarding the proposal for interlinking of rivers, in response to a question, he said, “any projects which involve inter state rivers will have a certain amount of controversy, but this (river linking) might resolve long pending issues between the states if there is fair allocation of water and transparency in process, based on the need and contribution by states…it might do justice. We will fight for it.”
Further pointing out that Krishna-Pennar, and Pennar-Cauvery river linking has been mentioned in the budget, he further said, “they(centre) have said they will go ahead once all states agrees to the DPR, it is still under discussion. When DPR is being prepared, our state’s share has to be decided in a right way-this is our stand….until then DPR cannot be finalized, we will stand by it.” PTI
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