The budget presented by Chief Minister K Siddaramaiah on Friday has evoked a rather pessimistic response from business chambers.
The most scathing remark came from the Bangalore Chamber of Industry and Commerce (BCIC), whose Senior Vice-President A N Chandramouli said, “Overall, the budget is not very industry-friendly and does nothing to spur industry out of its present phase of sluggish growth.”
CII Chairman, Karnataka, Soumitra Bhattacharya said, “The budget is silent on manufacturing with no clear steps to boost industrial development.” Co-Chairman of Assocham Southern Regional Council, J Crasta said, “Leaving the VAT structure untouched will put industrial units in the state at a disadvantage vis-a-vis their counterparts in adjoining states where VAT rates were relatively lower.”