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Friday, October 7, 2022
HomeStateA budget for economic reforms, stability, and growth: CM Bommai

A budget for economic reforms, stability, and growth: CM Bommai

Bengaluru: The Union Finance minister has presented a budget for economic reforms, stability, and growth in the coming days, Chief Minister Basavaraj Bommai said.

Reacting to the union budget for 2022–23, he said the budget aims to achieve economic growth of 9.2% under the shadow of COVID. The budget has been presented with a long term vision of promoting capital investment and consumption.

Economic growth is achieved by boosting investment and infrastructure development. Similarly, economic growth gets momentum by increasing production and consumption. Huge investments are being made in the infrastructure sector. Bommai said that national highways, railways, the digital economy, and multimodal transport in states are the sectors that would see big investments.

An ambitious budget to empower rural India

With a special focus on providing basic infrastructure for the common man and programmes like Jal Jeevan Mission, Pradhan Mantri Awas Yojana, Pradhan Mantri Sadak Yojana the budget would empower rural India. The budget has lived up to the expectations of the common man with emphasis on drinking water supply, roads and housing, Bommai said.

Urban Development 

Initiatives in Digitalisation, utilisation of services of town planning experts, the higher allocation for urban transport and priority for uniform development of urban and rural areas is another feature of the budget. it aims to achieve self-sufficiency in agriculture. Organic farming and oilseeds cultivation too have received special attention, Bommai said.

Atmanirbhar in Defence Production

The budget has lent strong support for Atmanirbhar in defence production. It seeks to achieve 68% self-reliance in the production of arms, defence equipment and spare parts. About Rs7.50 lakh crore has been provided as Capital Expenditure, which is a 35% increase to boost the economy and create development assets, Bomai said.

More allocation for Namma Metro

As the budget has a big increase in capital expenditure, the state is expected to get about Rs 3500 cr more under the capital account compared to last year. Karnataka is set to benefit from a big thrust for Railways, national highways and infrastructure projects. Namma Metro is likely to get a bigger allocation under the Urban Transport sector, Bommai said.

Rejuvenation of MSMEs

By announcing the ECLGS scheme the allocation for rejuvenation of ailing MSMEs has been raised from Rs50,000cr to Rs5 lakh crore. This would have a big impact on the development of tourism and other sectors. As Karnataka is one of the states with huge small and micro enterprises, the budget proposal would help Karnataka in a big way, the Chief Minister said.

One Nation, One Property

Reacting to the ‘One Nation, One Property’ proposal, the Chief Minister said, the programme has been introduced to a uniform system of property registration across the country. People are facing many hitches due to different systems of property registration in various states. The programme seeks to remove the hitches.

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