Global slow down has not affected Karnataka:Shankaramurthy

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Shimoga, Nov 1 (UNI) The global recession has not affected the Karnataka State since economic condition is strong and sound, State Planning Commission Vice Chairman D H Shankarmurthy said today.

He said that the Indian economic situation is entirely different from the one prevailing in European countries. India had never been an inter-dependent country. India is standing on its own leg.

At the same time Karnataka also.

To a question, Mr Shankaramurthy said that due to "License Raj" system in the state, a large number of industries have gone to neighbouring states. A large number of employees have also migrated to neighbouring states. In order to stop migration the State government is contemplating to make amendments to the existing policies.

Earlier government was giving letter of indent to the respective companies and was taking several years to issue license to them.

Fed up with the system major companies are preparing to go out of the state. Introducing the budget before the plan was the main reason for such inconvenience. But from this year the government has decided to come out with State's plan before Budget was presented.


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