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Government targets 50,000 acres of land for industries by March 2010

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Talking commerce: (From left) Syed Baderuddin, President of the Indo-American Chamber of Commerce; M.R. Sreenivasa Murthy, Additional Chief Secretary, Department of Finance; Anil Menon, President of Globalisation and Smart Connected Communities, Cisco Systems; Raj Rajkumar, Chairman of IACC; and M.V. Rajeev Gowda, Professor at IIMB, greeting each other at a discussion in Bangalore on Wednesday.
Talking commerce: (From left) Syed Baderuddin, President of the Indo-American Chamber of Commerce; M.R. Sreenivasa Murthy, Additional Chief Secretary, Department of Finance; Anil Menon, President of Globalisation and Smart Connected Communities, Cisco Systems; Raj Rajkumar, Chairman of IACC; and M.V. Rajeev Gowda, Professor at IIMB, greeting each other at a discussion in Bangalore on Wednesday.

Special Correspondent

KIADB has already acquired 25,000 acres of land

BANGALORE: The Karnataka Industrial Areas Development Board (KIADB) is to acquire 50,000 acres of land for industrial use by March 2010. M.R. Sreenivasa Murthy, Additional Chief Secretary to the Government, Finance Department, said the Government had already acquired 25,000 acres of land across the State.

Participating in a panel discussion organised by the Indo-American Chamber of Commerce on Wednedsay, Mr. Sreenivasa Murthy said the remaining land would be acquired “before the Global Investors Meet which begins in June 2010”.

Admitting that the state of infrastructure and the persistent power shortage “were major concerns,” Mr. Murthy said additional power capacity of about 7,000 MW would be available in four years.

He said the State’s prudent management of its finances had resulted in Karnataka having the highest tax to Gross State Domestic Product (GSDP) ratios among all States. He pointed out that this was despite the State having among the lowest stamp duty rates. “It is evident that the compliance rates are among the best in Karnataka,” he said.

Referring to the Goods and Service Tax (GST), Mr. Murthy said the new tax is likely to be implemented in 2010-11. “Most States are in general agreement with the proposed GST,” he said. He added that the GST would result in a better business environment.

Anchoring the discussion, M.V. Rajeev Gowda, professor of Economics and Social Sciences, Indian Institute of Management-Bangalore, said, “The networks of international production are ignoring barriers erected by national governments.” Referring to the recent agreements on trade and investment signed during Prime Minister Manmohan Singh’s visit to the U.S., he asked: “Do we need these agreements when the geography of global production is becoming increasingly multinational?”

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