K'taka Govt mulls SPV for development of Bangalore

Bangalore, Feb 22 (UNI) The Karnataka Government is contemplating to set up a Special Purpose Vehicle to ensure the speedy implementation of various projects related to the development of the city, Deputy Chief Minister B S Yediyurappa informed today.

Speaking to newspersons here, he said the SPV would work in tandem with the existing bodies such as the Bangalore Development Authority to ensure rapid progress in the city's development. No institution would be closed following the creation of the SPV, he clarified.

Replying to queries, the Deputy Chief Minister, who also held the Finance portfolio, said the Government had no idea of waiving loans availed by farmers in its proposed budget. However, the facilities provided to the farming community would be increased, he added.

Mr Yediyurappa said the budget would safeguard the interests of the poor and weaker sections of the society. Measures would be initiated to plug loopholes in revenue mobilisation. The common man would not be saddled with a fresh doze of taxes, he assured.

He said a 'commitment formula' for development of the State would be announced within a few days.

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