BCIC says Budgets lacks investment motive

Bangalore, Mar 16 (UNI) The Bangalore Chamber of Industry and Commerce today criticised the Karnataka Budget 2007-08 for not providing any incentives to improve investment climate in the State.

Though it welcomed welfare initiatives to the economically weaker sections of the State and other populist schemes, the BCIC said the plethora of measures proposed would only be as good as their implementation and a lot would depend on plugging the gaps between promises and fulfillment.

Allocation of funds for development of minor airports of the State was a step in the right direction and so were the proposals to remove regional imbalances. The gap funding to tourism and the funds allocated to agriculture and small industry were definitely important and necessary, it said.

The State budget definitely tilted towards populism. It was heartening to note that the revenue earning departments of the State have done exceedingly well on account of good performance by the trade and industry in addition to other receipts. However, there were no major initiatives towards infrastructure development or thrust for small and medium enterprises and even manufacturing, essential to sustain industrial growth.

UNI