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Last Updated : Feb 16, 2018 10:47 PM IST | Source: PTI

Karnataka budget welcomed by business community

The budget tabled by Karnataka Chief Minister Siddaramaiah was today welcomed by the business community, as "socio-economic budget" and "progressive."


The budget tabled by Karnataka Chief Minister Siddaramaiah was today welcomed by the business community, as "socio-economic budget" and "progressive."

The Federation of Karnataka Chamber of Commerce and Industries president K Ravi hailed the 'socio-economic' budget. "It was invariably a Socio-Economic budget, at which Chief Minister Siddaramaiah is so well versed. From the point of view of Industry, we must thank him for having considered increasing the budgetary allocation to Rs.1,681 crores," he said.

"We are also happy that he has accepted some of the our pre-budget recommendations regarding Centre of Excellence for Industry 4.0, (Robotics, IOT and Artificial Intelligence), Infrastructure facility for Peenya Industrial Estate and Cluster Development," said Ravi.


Realtor Ravindra Pai said the state budget's focus has been more on water and agriculture, keeping in mind the upcoming elections. A recent World Bank report about water shortage in Bengaluru and eventual drying by 2030 may have had an impact on the allocation of substantial amount for rejuvenation of lakes and filling of tanks, he added.

"The construction of 20 lakh houses in the next 5 years in rural and urban areas is a welcome move. To this effect, earmarking government land is a noteworthy measure," he said.

In addition, he said there are mentions of provisions for affordable housing in government lands within corporation limits with transfer of development rights (TDR) and additional floor area ratio (FAR) to make it more feasible, which again is a step in the right direction.

Commenting on the allocation of funds towards education and digital learning Senior Vice President, Learning Services, TeamLease Neeti Sharma said, "Overall the budget has been progressive, with extensive focus on boosting education, healthcare, tourism as well as digital learning.

The allocation of a 20% higher fund for education will help augment the eco-system of learning and development in the state which thereby will enhance the quality of the workforce, he said.
First Published on Feb 16, 2018 10:45 pm