Budget lacks vision, says Pai

Maqsood Maniyar | NT

Bengaluru: Manipal Global Education (MGE) chairman Mohandas Pai on Friday said that the state Budget lacked a vision since it didn’t contain many avenues for growth and generation of jobs.

However, he juxtaposed the observation with the fact that the Gross Domestic Product (GDP) of Karnataka had seen spectacular growth and that there was much to be optimistic about.

“The Budget underestimates the taxes. It shows the economic strength of Karnataka since Rs52,000 crore has been absorbed and fiscal deficit is still below three per cent. But it lacks a vision for Karnataka. A new government should have a vision for Karnataka, where they will focus on infrastructure, higher education and creating high quality jobs. However, this Budget is backward looking, trying to solve yesterday’s problems while not looking at today’s challenges,” Pai said.

The for mer Infosys board member also didn’t see the fulfillment of the Congress government’s at a cost of Rs52,000 crores in a favourable light.

“It is not funding growth. The GDP is 25.67 lakh crores, Rs3,83,000 is the per capita income, the highest for any large state. A state like Karnataka should have a very forward looking Budget investing for the future. Giving freebies and funding Rs52,000 crore on freebies is not looking at the future,” he added.

Pai, an outspoken industry leader, has in the past made friends and foes among the political classes in equal measure with his comments.

Often seen as having a soft corner for the BJP and Prime Minister Narendra Modi, he raised eyebrows when he criticised the erstwhile State government headed by Basavaraj Bommai for “mishandling” of infrastructure issues in the aftermath of waterlogging caused by heavy rains in August 2022.