Push to capital investments will spur growth: Bommai

Published on Feb 02, 2022 01:21 AM IST
Bengaluru Karnataka chief minister Basavaraj Bommai on Tuesday lauded the union budget, saying it has a long-term vision of promoting capital investments and consumption as well as economic reforms, stability and growth
Basavaraj Bommai (HT Archives)
Basavaraj Bommai (HT Archives)

Bengaluru Karnataka chief minister Basavaraj Bommai on Tuesday lauded the union budget, saying it has a long-term vision of promoting capital investments and consumption as well as economic reforms, stability and growth.

The opposition Congress, however, said the budget has cheated all the country’s youngsters.

Bommai said: “Economic growth is achieved by boosting investment and infrastructure development. Similarly, economic growth gets momentum by increasing production and consumption. Huge investments are being made in the infrastructure sector. National highways, railways, digital economy and multimodal transport in states are the sectors that would see big investments.”

He was reacting to the budget that was presented by union finance minister Nirmala Sitharaman in parliament on Tuesday.

The BJP-led Karnataka government stands to gain from a few of the policies mentioned in the budget which includes the boost to sectors like electric vehicles, millets and infrastructure proposals.

Sitharaman announced that a national tele-mental health programme would be launched with Bengaluru-based NIMHANS being the nodal agency and the International Institute of Information Technology-Bangalore (IIITB) providing technology support.

“Karnataka’s mental health initiative, which conducted 24 lakh tele-counselling sessions during pandemic, goes national. FM @nsitharaman announces setting up of 23 national tele-mental health centres with NIMHANS as nodal centre,” twitted Dr K Sudhakar, Karnataka minister for health, family welfare and medical education.

The chief minister said the allocation for rejuvenation of ailing MSMEs has been raised from 50,000cr to 5 lakh crore would positively impact development of tourism and other sectors and states like Karnataka with a large number of small industries stands to benefit.

“As the budget has a big increase in capital expenditure, (the) state is expected to get about Rs3500cr more under the Capital Account compared to last year. Karnataka is set to benefit from big thrust for Railways, national highways and infrastructure projects. ‘Namma Metro’ is likely to get a bigger allocation under (the) urban transport sector,” the chief minister said.

The Congress, however, did not share the same sentiments with its state chief calling it a budget that has not benefited any section of the society.

Congress Karnataka unit president DK Shivakumar said the budget has cheated all the youngsters in the country and did not give relief to any section of the economy. “There is no relief for salaried class, farmers, those with self-employment. It’s not good for employers or employees,” Shivakumar said.

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Thursday, August 18, 2022
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