Bangalore, Sep 13 (UNI) Bangalore Chamber of Industry and Commerce (BCIC) President John M Panikar has called for development of sustainable infrastructure for the continuous growth of Karnataka's economy.
Talking to UNI here last night, Mr Panikar said ''Karnataka has done well especially in the recent years by growing at a rate of more than eight per cent in tune with the national GDP growth of over nine per cent. The state's exports have done very well crossing the Rs One lakh crore mark. To sustain the growth rate and to further boost the economy, sustainable infrastructure development should be speeded up and it should become a continuous process.'' The BCIC president said, opening up of Minerals and Mining as the growth in this sector was expected to touch 20 per cent and to properly tap this growth there was a need for world standard infrastructure. After IT, engineering, garments and electronics, Karnataka would cash in on the new Mining policy for the benefit of the state economy, he added.
He said Karnataka needs to maintain high growth for several years to be able to transform itself into a modern and developed State. While the current phase of growth and development seemed comfortable, the question was how to sustain and improve the rate of growth for achieving faster development, higher incomes, generation of employment, better quality of life and greater equity, including reduction in regional imbalance and bridging the urban-rural divide, he added.
Mr Panikar said though the state government promised a number of schemes, but never implemented them on time due to red tapism, political controversies, incompetence and corruption.