BENGALURU: Hailing the Union Budget, which was presented by Union Finance Minister Nirmala Sitharaman on Tuesday, Chief Minister Basavaraj Bommai said that it has the foresight to stabilise the country’s economy, which has been hit hard by the Covid-19 pandemic over the past couple of years.
“It was a Budget presented in the shadow of the pandemic, but it has the foresight to bring the economy back on track. Since the Finance Minister addressed all the sectors, it will benefit the common man — the working class to the business class,” he observed while speaking to reporters.
The financial assistance to make MSMEs resilient has been increased from Rs 50,000 to Rs 5 lakh, which will provide a boost to entrepreneurship, as well as to the hospitality industry, which has also been included in it, he pointed out. “It is a Budget for economic reforms, stability and growth in the coming days,” he remarked.
The Budget aims to achieve economic growth of 9.2 per cent with a long-term vision of promoting capital investment and consumption, which will give a boost to the economy, he analysed. With a special focus on providing basic infrastructure for common citizens, and programmes like Jal Jeevan Mission, Pradhan Mantri Aawas Yojana and Pradhan Mantri Sadak Yojana, the Budget also looks to empower rural India. It has lived up to the expectations of the common man, with emphasis on the supply of drinking water, roads and housing, the CM noted.
Initiatives in digitalisation, utilisation of the services of town planning experts, higher allocation for urban transport and priority for uniform development of urban and rural areas are the other features of the Budget. It aims to achieve self-sufficiency in agriculture. Organic farming and cultivation of oil seeds too have received special attention, Bommai said. “The states will be allowed to maintain a fiscal deficit of 4 per cent of GSDP, of which 0.5 per cent will be tied to power sector reforms,” the Chief Minister added.
More allocation for Namma Metro
As the Budget emphasises on a big increase in capital expenditure, the state is expected to get about Rs 3,500 crore more under the Capital Account, compared to last year. Accordingly, Karnataka is set to benefit from a big thrust for Railways, National Highways and infrastructure projects. Namma Metro is also likely to get a bigger allocation under the urban transport sector, CM Basavaraj Bommai said.
