Balanced, inclusive budget, say industry bodies

The industry chambers have welcomed the chief minister's announcement on formulating new industrial and textile policy for the state. The move to organise a global investors' meet in January has been well-appreciated by S Viswanathan, chairman, Karnataka, CII.

"We hope the proposed formation of special industrial zone will be the light soon. Skill development is imperative and, therefore, both the setting up of a skill commission and provision of Rs 100 crore to upgrade infrastructure in ITIs is the right move. Setting up of Karnataka Knowledge and Higher Education Commission is an innovative step," he said.

 

Rajeev Chandrasekhar, MP and president, FICCI said: "The budget has a comprehensive statement of vision for the state. This is important because this can be the basis for the work of governments over the next several years and be the blueprint for transforming the state."

Federation of Karnataka Chambers of Commerce and Industry (FKCCI) has termed the budget as an inclusive budget.

The salient features of the budget is the targetted growth rate of 10 per cent as against 9 per cent in the earlier budget. Unless the growth rates are higher at 10 per cent, the targets for the 11th 5-year Plan cannot be met, said D Muralidhar, president, FKCCI.

The reduction in the rate from 7.5 per cent to 5.5 per cent stamp duty on movable properties in the cases of corporate restructuring has been welcomed by CII even though the representation was to exempt it altogether.

Although, Bangalore has received some attention for infrastructure development, the allocations are meagre which will perhaps delay the existing / proposed development of the city," said N N Upadhyay, president, Bangalore Chamber of Industry and Commerce (BCIC).

Although, there is nothing particular for the small scale industries, the Karnataka Small Scale Industries Association (Kassia) has appreciated the chief minister for giving a thrust to the overall development of the state economy.