Karnataka State Budget Overlooked MSMEs’ Needs: KASSIA

ENA State 2024-02-19 15:39:24 Bengaluru, Feb 19 (KNN) In the wake of the recently announced Karnataka State Budget, the Karnataka Small Scale Industries Association (KASSIA) has expressed profound disappointment, asserting that the budget lacks provisions for the state's Small and Medium Enterprises (SMEs). KASSIA, representing the interests of micro and small industries in Karnataka, lamented the apparent disregard for their sector, stating that none of their requests were heeded by the Chief Minister. This perceived oversight has left SMEs feeling neglected and overlooked in the state's economic planning. While acknowledging the budget's focus on critical sectors such as agriculture, education, skill development, and health, KASSIA noted the absence of tailored support for SMEs. The association emphasised the need for targeted measures to stimulate growth and foster innovation within the small-scale industrial sector. One positive aspect highlighted by KASSIA was the proposal for the up gradation of industrial estates with support from the Central Government, which was welcomed as a step in the right direction. Additionally, the subsidisation of Initial Public Offering (IPO) expenses for small and medium industries was viewed favourably by the association. Furthermore, the Chief Minister's mention of government department and Public Sector Undertaking participation in the TReDS Portal—a platform facilitating timely payments to MSMEs—was acknowledged as a potential boon for small businesses. However, KASSIA noted that while some states have already mandated department participation in the portal, Karnataka has yet to follow suit. The Budget's proposals, including the establishment of a textile park in Kalaburgi District and 25 Mini Textile Parks in other districts, were met with approval from KASSIA. However, concerns were raised regarding the adequacy of capital outlay allocations to effectively execute these plans. The Chief Minister's emphasis on initiatives such as Electrical Vehicle Charging Stations, integration of various modes of public transport, and extending the Metro till Tumkuru were recognised as steps towards bolstering the state's economy. However, KASSIA reiterated the need for greater attention to SMEs, emphasising their role as vital contributors to Karnataka's economic landscape. (KNN Bureau) 36740 https://knnindia.co.in/news/newsdetails/state/karnataka-state-budget-overlooked-msmes-needs-kassia 2024-02-19 15:39:24 knnindia.co.in Karnataka State Budget Overlooked MSMEs’ Needs: KASSIA