June 27, 2022

Bengaluru Metro 58 km extension funds are key takeaway from Budget 2021 allocated for Karnataka

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As the Union Budget was presented by Finance Minister Nirmala Sitharaman, for the infrastructure aspect, the major funds were allocated for the states of Tamil Nadu, Kerala, Assam and West Bengal, the state of Karnataka was allotted Rs 14,778 crore as a part of the project extension for Bengaluru metro.

Nirmala Sitharaman declared the allocated amount for 58.19 km extension for Bengaluru metro Phase 2(A) and Phase 2(B), which comes under the Rs 1.10 lakh crores allocation for the National Railway Project.

Karnataka will also have a gain considering the Bengaluru-Chennai expressway. Along with these, policy changes and relief which includes a deduction in import duties pertaining to the manufacturing sector, MSMEs, a tax exemption for the start-ups, and recent allotment for health and education sector which is anticipated to enhance Karnataka’s entrepreneurship.

Chief Minister BS Yediyurappa lauded the Budget 2021-22. “It is impossible to expect a better budget amidst the pandemic. Despite that, this is a pro-poor and pro-middle-class budget. The Union Finance Minister has announced necessary strategies for economic revival as well as containment of the pandemic,” he said. Yediyurappa termed the allocation for Bengaluru metro as ‘biggest gift’ for Karnataka. Though the budget had no mention about multi-crore Yettinahole drinking water project.

DK Shivkumar KPCC President said,”Neither has the state received anything nor have the youth or the COVID-19 frontline warriors received any relief.”

Kiran Mazumdar Shaw, Executive Chairperson, Biocon Ltd said, “”Other positives include the higher spending on infrastructure, the push for bank privatization, increased funding for strengthening the public sector R&D and innovation ecosystem, as well as increasing the FDI cap in insurance from 49% to 74%. Monetization of public sector assets including land is an important policy plan which must be implemented expeditiously to support the mega infra projects.” 

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