Bengaluru: The Chairman of the Minister of Basavaraj Bommai has set an ambitious target to double the State GSDP (Gross Country Domestic Product) from RS 17 Lakh Crore currently to RS 34 Lakh Crore in 2025.
He is likely to propose a new policy for the effect on the effect on the effect on the effect on effect.
The budget will be presented in March.
Experts, while looking at the potential in the country’s economy, has warned the government that the target cannot be achieved unless the main minister brings reforms that are very much needed in terms of income mobilization, growth oriented policies and plugging in the administration of the administration.
Officials at the CM office said Bommai, who held a financial portfolio, began preparation for the budget for 2022-23 and was looking to propose policies that turned the game to encourage exponential growth in GSDP.
“We have prepared a paper that details the steps to be taken to make a 500 billion dollar economic carnataka in 2025.
It contains a blueprint of the policy to reach the target.
CM is likely to emphasize this and the new ideas will be reflected in it, “Word N Manjunath Prasad, the main secretary of CM.
Prasad said the government was looking at a policy to increase the contribution of the three sectors – services, manufacturing and agriculture – to GSDP.
The focus is in the service sector and plan is being carried out to ensure its contribution to be increased from 54% to 66% in three years, he added.
The manufacturing sector will see more policies such as business that is easy to do, while what is intended for agriculture aims to increase farmers’ income.
“One of these policies is to establish a secondary agricultural directorate that focuses on agricultural allied activities.
The order is expected on Monday,” Prasad said.
Isn Prasad, additional secretaries, finance, said the initial training of budget preparation began in early November and data from various departments was being collected.
The final discussion will be held in February.
Meanwhile, experts say serious efforts are needed in bringing reform on tax policies and changing structural administration to achieve the target.
M Govind Rao, economist and former Director of the National Institute of Finance and Policy, explained GST as an income machine and argues that circumstances and centers must utilize their potential to achieve faster economic growth.
“All petroleum products, liquor, real estate and services such as electricity supply must be carried under GST and rationalization of tax rates into two plates is very important,” he added.
Bommai heads a group of ministers (GOM) in the rationalization of the GST level and his hope is that he will ensure consensus among countries for level rationalization at the GST Board.
Sampathraman, Chair of the manufacturing organization throughout India, Council of Karnataka, said the government must focus on reducing prices to skyrocket raw materials and manage pandemics without sidewalks such as locking.
“Otherwise, the doubling GSDP will only be a pipe dream,” he said.