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Trade, industry welcome Karasamadhana Scheme, venture capital for start-ups

Anil Urs Bengaluru | Updated on March 08, 2021

The Budget has given priority to create a congenial atmosphere for economic development of the State   -  istock.com/Sitthiphong

Long-pending demand for introduction of the Karasamadhana Scheme and provision of venture capital of ₹100 crore to start-ups featured in the Karnataka Budget 2021-22.

Hailing the move, trade and industry said the Karasamadhana Scheme will bring an end to pre-GST tax disputes and also generate revenue to the government.

Perikal M Sundar, President, FKCCI, said the Chief Minister has presented a balanced budget. He has not levied additional taxes on the common man. The government has encouraged the industrial sector by providing budgetary support to the establishment of textile park, plastic park, bulk drug park and food park.

“The budgetary provision is also made for two Mega Industrial Townships and Peenya Industrial Township. Industrial clusters have been proposed at Bidar & Nippani which would definitely lead to employment generation,” he added.

The government has rightly made provision of venture capital of ₹100 crore to start-ups in Bangalore, which is the national hub for start-ups.

CII Karnataka

CII Karnataka Chairman Ramesh Ramadurai said the Budget has given priority to create a congenial atmosphere for the economic development of the State. “State Government has started economic activities which had stopped during Covid-19 lockdown, as per the guidelines issued by the Central Government. Inspite of the Covid-19 pandemic all efforts are being made to attract capital investment in districts. In addition to this, priority has been given to create a convenient atmosphere by providing necessary infrastructure facilities. Emphasis has been given to new airports, development of highways, self reliance in electricity, railway projects and for the development of other sectors.”

Kassia

By providing special schemes for women aimed at all round development of Women entrepreneurs, Kassia welcomed the gesture along with a loan upto Rs 2 crore at 4 percent for women entrepreneurs. The purchase of land directly by Industries from the farmers definitely helps the all round development of industries in rural areas.

Laghu Udyog Bharati

Laghu Udyog Bharati-Karnataka (LUB-K) termed the Budget as a “Please all Budget” as the BJP Government announced a slew of measures that fosters growth of farming community, rural masses and industrial development in the State. Srikanta Dutta, President LUB-K, said A long-standing demand of LUB-K with regard to announcing a slab system in property tax has been addressed in this Budget. “Our demand to announce a slab system in property in industries in urban areas has been addressed in this budget. This will encourage new Capex spend in the State.

 

Published on March 08, 2021

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