Union Budget is a "catalyst", a "speed booster" that can revive sluggish economy: Yediyurappa

Bengaluru, Feb 1 () Karnataka Chief Minister B S Yediyurappa on Monday said the Union Budget for 2021-22 presented by Union Finance Minister Nirmala Sitharaman in Parliament has come as a catalyst that can revive this sluggish economy.

He said he strongly believed that the budget will act as a "speed booster" to the economy which was badly hit due to Covid-19 pandemic.

Stating that it is impossible to expect a better budget amidst the pandemic, Yediyurappa, who holds the state's finance portfolio said despite that, this is the 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.

It is a welcome measure that the vaccination drive against Covid-19 has been allocated Rs 35,000 crore and the Finance Minister assured that more funds will be provided in case of necessity, the Chief Minister said, adding strengthening of agriculture sector, skill development, infrastructure development and industrial development has been given special emphasis in the budget.

"The budget has provided a platform to double the farmer's income by 2022 as per the aspiration of Honble Prime Minister Narendra Modiji," he said and added Rs 16.50 lakh crore has been allocated for Agriculture and Rural Development.

Strengthening and continuation of MSP has been emphasised.

Funds to improve the infrastructure in APMCs, doubling the grants for micro irrigation and value addition programme for 22 crops will help farmers in a great way, he further said, adding that tax holiday for construction of affordable houses will benefit the middle class.

Noting that Rs 1.10 lakh crore has been allocated under National Railway Project, Yediyurappa said, it is a welcome move to have provided Rs 1.07 lakh crores for capital expenditure.

"An amount of Rs 14,778 crore has been announced for Bengaluru Metro Project....58 kms of new route can be constructed due to this provision. This is the biggest gift to Karnataka from our own Finance Minister," he added.

Chalking out programmes for 13 sectors to realise Prime Minister's dream of Aathmanirbhar Bharat is a welcome step, the CM said, this will go a long way to build self- reliant India.

Exemption of filing iIncome tax returns to senior citizens above 75 years is also an appreciable measure, he said, as he listed out various elements of the Union Budget.

"On the whole, the Union Budget 2021-22 has the potential to be a catalyst to revive the economy and implement development programmes. I wholeheartedly welcome this budget," he added. KSU SS