May 23, 2024


Truth Triumphs

State budget will place Karnataka on higher growth trajectory, says Nirani

• Nirani lauds Basvaraj Bommai’s maiden budget
• Minister welcomes incentives for semiconductor unit
• Appreciates CM Bommai for not burdening the common man with any additional taxes
• Global Investors Meet in Bengaluru from Nov 2 to 4, 2022

Bengaluru, March 4: The maiden budget presented by Chief Minister Basavaraj Bommai will place Karnataka on higher growth trajectory, attract investments and create more jobs in Karnataka said Large and Medium Industries Minister Murugesh Nirani. He lauded the CM for offering special incentives for setting up of semiconductor manufacturing centre in the state.

Congratulating the Chief Minister for presenting his maiden budget, the Industries Minister called the budget people-friendly, growth-oriented & progressive that will propel Karnataka to higher growth. “I applaud the Chief Minister for announcing special incentives for setting up of semiconductor manufacturing centre in the state by leveraging Central Government’s Rs 76,000 crore India Semi-conductor Mission (ISM). This will encourage investors to invest here amid and make Karnataka a semiconductor manufacturing hub and meet the global supply demand amid shortage of semiconductors,” Nirani said.

The Minister also praised the CM for various proposals and incentives announced in the budget aimed at attracting investments, promoting industries and creating jobs. “Special incentive package for investors to set up units in the FMCG cluster coming up in Dharwad and incentives to industries that create employment for the people of the state are good proposals. CM’s proposal to give preference to attract investors in labour intensive sectors such as textiles, FMCG, toy manufacturing, leather products, food processing and jewellery will create lot of employment opportunities,” Nirani added.

“Our government has been taking various initiatives to encourage entrepreneurship among the economically backward sections and CM’s announcement to give priority to these sections demonstrates our commitment,” Nirani said.

Welcoming the proposals on startups in the state, Minister Nirani said that it will further enhance the startup ecosystem of the state. “Karnataka remains a preferred destination for investor and the state has attracted 40% of FDI during April-December fiscal. The Global Investors Meet from November 2 to 4, 2022 will help Karnataka attract huge investments and create massive jobs,” Nirani stated.

The Minister also welcomed the proposal to encourage establishment of industries in Chitradurga, Davanagere, Haveri, Dharwad and Belagavi that fall across Chennai-Bengaluru-Mumbai corridor, mega textile parks with Centre’s approval and formulation of Karnataka Special Investment Region Act for the establishment, operation, control and management mega industrial regions and for establishment of industrial estates in the state. Nirani further added that the establishment of Mega Jewellery Park in Bengaluru will help goldsmiths, jewllery workers, micro and small enterprises besides providing jobs to over 10,000 people.

Murugesh Nirani appreciated Basavaraj Bommai for not burdening the common man with any additional taxes and not revising the sales tax on fuels that was reduced in November 2021 despite heavy burden on state exchequer.

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