K'taka not affected by global recession: Shankarmurthy

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

He said ''the India's 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 legs.'' To a question, Mr Shankaramurthy said 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, he said, adding, the state government was contemplating to make amendments to the existing policies to stop this migration.

Earlier, the government was giving a letter of indent to respective companies and was taking several years to issue license to them, he said. As a result, major companies were preparing to go out of the state, he added.

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 the Budget was presented.

UNI XR MSP MP PK HT1657