Bengaluru: The Bangalore Chamber of Industry and Commerce (BCIC) on Friday termed the State Budget as a “Farmer and Industry-Friendly Budget” with specific focus on Rural-Urban development which tries to address issues related to farming community and the industrial development.
“The Chief Minister states that the implementation of Karnataka Model of e-way Bill in the entire country is a matter of pride to the State and that it would bring in qualitative change in tax compliance and thus streamline the implementation of GST,’’ the BCIC said.
In line with the direction set in the Union Budget 2018-19, the State Budget also provides greater thrust to rural development. Be it infrastructure development, education, health, irrigation, family welfare, sports, horticulture, sericulture, water resources, medical, etc., every sector has a got a budget allocation, possibly with an eye on the forthcoming State elections.
S Venkataramani, Chairman, State Taxes Expert Committee, BCIC welcoming the State Budget presented by the Chief Minister Siddaramaiah said: “The State Budget has a slew of policy-oriented announcements and targets set for building Urban-Rural economy, create jobs, boost infrastructure, promote SME sector, et al.”
Venkataramani, commended the State Government’s directional thrust for infrastructure development especially in and around Bangalore which is very essential to safeguard the ‘Brand Bengaluru’ in the Global community.
“The thrust to hasten the Phase-2 and 2A of Namma Metro and proposing Phase-3 construction, will do a lot of good to Bengaluru brand building exercise. The various proposals and allocations to BMTC, BDA and BBMP are a clear indication of the focus and attention to address the infrastructure needs of Bengaluru. As a direct result, all this will certainly attract fresh investments into the State. However, we have to wait to see how much of these funds will really translate into work on the ground,’’ he said.
He has welcomed the proposal to provide more stress on Digital Learning by establishing Multimedia Computer Labs under PPP in 120 Government ITIs having own buildings at a cost of Rs. 10 crores.
On the proposal to announce Innovation Policy, he said: “This Policy will boost innovative ideas and encourage manufacturing start-ups to come with end-user applications that will support better quality of life in the society.”
On the taxes front, he said: “The reduction in sale tax on sale of ATF to small aircraft from 28 percent to 5 percent will play an important role in providing connectivity with remote and unconnected places in the country to support UDAN scheme of the Union Government”.
Overall, BCIC commends the focus for development of infrastructure and the thrust for the rural sector including allied sectors. However, the Chamber believes more could have been done for industrial development in the State, especially when the State is losing projects to the neighbouring States.
