The Kanara Chamber of Commerce and Industry (KCCI) said on Wednesday that the ‘Saptarishi’ theme announced in the Union Budget for 2023-24 will positively benefit the economy of coastal Karnataka region.
In a statement, KCCI president M. Ganesh Kamath said the increase in the capital expenditure in infrastructure development by 33% over the last year’s Budget, which aggregates to ₹10 lakh crore, should address Mangaluru’s connectivity issues especially with Bengaluru.
While welcoming the move to give priority to coastal shipping for passenger and freight transport, Mr. Kamath lauded the initiatives for promotion of Indian domestic tourism. He also appreciated the move to reduce customs duty on marine products and shrimp feeds. Ease of doing business has been addressed by reducing 39,000 compliance procedures, he said.
Funding of ₹9,000 crore for MSME Credit Guarantee scheme will contribute to additional collateral free credit to the extent of ₹2 lakh crore. Mr. Kamath appreciated the focus on the start-ups, youth power, and women entrepreneurship.
Though the Budget document looks well thought of with good focus areas, ideas and initiatives on development the final test will be in its implementation and benefits reaching the grassroots, the KCCI said.
BJP State president and Dakshina Kannada MP Nalin Kumar Kateel said the new Budget proposals will pave way for all round development of Karnataka and the country. Grant of ₹5,300 crore for the Upper Bhadra Project will go a long way in speeding up the work of providing tapped water to each house under the ‘Har Ghar Jal’ scheme. The Budget proposals have given a blue print of progress that India will make as it approaches centenary year of Independence.
Energy, Kannada and Culture and Dakshina Kannada district In-charge Minister V. Sunil Kumar said the Budget has been prepared by keeping the interest of middle class in mind. Proposed investment of ₹6,000 crore under the Matsyasampada Yojana will bring a marked improvement in coastal Karnataka. The target of generating 5MMT of Green Hydrogen by 2030 and proposed investment of ₹35,000 crore in this sector has put more responsibility on the States, he said.
Congress criticises
Dakshina Kannada Pradesh Congress Committee president and MLC K. Harish Kumar said it was an election Budget that will ultimately become a “jumla”. The Union Budget has continued with anti-people measures and it has failed to answer youth’s need of employment. It has failed to meet the needs of the poor. The Budget proposals look ornamental and no steps have been taken to address the issue of inflation, he said.
