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Overall developmental, infra oriented budget: K’taka industrial federation

Bengaluru, Feb 1 (IANS) The Federation of Karnataka Chamber of Commerce and Industry (FKCCI) President B.V. Gopala Reddy on Wednesday dubbed Union Budget 2023-24 as an overall developmental and infrastructure oriented Budget.

FKCCI welcomes several initiatives expressed by the Finance Minister in the areas of millets, health sector, tourism industry, ease of doing business, and the income tax slabs, he said.

He mentioned about the credit guarantee scheme for the MSME support earlier also the scheme was there but there was a delay in reaching the beneficiary.

This time, an additional corpus of Rs 9,000 crore has been announced for MSME credit guarantee, but we have to wait and see how fast it will reach the beneficiary.

The government has given support to millet-based products which exclusively benefits Karnataka with the Central assistance of Rs 5,300 crore to Upper Bhadra Project.

In addition to that, ancillary industries in millet-based products should be supported, he said.

The support given to the Tourism Industry is commendable like 50 tourism destinations being selected through challenge mode, setting up of unity mall in the state capital or tourist destination, setting up of tourism centres in border villages FKCCI welcomes this move, he said.

The FKCCI president suggested an exclusive port connectivity for Karnataka. Till now, the state is using either Krishnapatnam Port in Andhra Pradesh and Chennai Port from Tamil Nadu, he said.

“The certain compliances being removed in Ease of Doing Business is most welcome by FKCCI. These series of measures will unleash the potential of our economy,” he added.