From Our Special Correspondent
Daijiworld Media Network - Bangalore

Bangalore, Feb 17: Karnataka Pradesh Congress Committee President Dr G Parameshwara has lauded several initiatives proposed by Finance Minister P Chidambaram in the Union budget tabled in the Lok Sabha on Monday.

The KPCC chief said the agriculture sector achieved 3.1 per cent growth to the GDP, which was a good sign and would be welcomed by the country.

The proposal to take over the liability for outstanding interest as December 31, 2013, by the government would benefit nine lakh students and the amount would be Rs 2,600 crore. The borrower would have to pay interest for the period after April 1, 2014, he said in an official press release.

Chidambaram said Rs 2,600 crore will be transferred to Canara Bank, the nodal bank managing the interest subsidy scheme on educational loans, the KPPCC chief claimed.

The interest subsidy scheme was introduced in 2009-10 for education loans disbursed after April 1, 2009, while students who had borrowed prior to that date deserve some relief.

The education loan portfolio of nationalised banks as December 31, 2013, stands around Rs 57,700 crore.

Dr Parameshwara also welcomed additional funding for rural roads. Proposals on Bangalore-Mumbai and Bangalore-Chennai corridors would give fillip to the industrial growth, he said.

Ananth Kumar terms election-oriented budget

However, BJP national general secretary H N Aananth Kumar attacked the Union Finance Minister for transgressing the constitutional norms by presenting an election oriented budget when the government could only present a vote on account without making any grandiose announcements.

If we look at the developmental and social sectors, whether it is education, health, infrastructure, employment and poverty eradication, India has deteriorated in actual terms, the BJP leader said and pointed out that announcement of One Rank One Pension was an eyewash as it is being done only prospectively from the fiscal 2014-15.

The Bengaluru-Chennai and Bengaluru-Mumbai industrial corridors were mentioned in last year’s Budget also, he said pointing out that the budget now says that the plans are different stages of preparation.

All other Metros have been given special packages but the demand for a special package of Rs. 5000 crores for Bengaluru has been ignored by UPA for successive years. The 10-year rule of UPA has left the country bankrupt and left the economy in shambles.

"The track record of the UPA’s 10 years has been spiralling inflation, rampant corruption and stagnant economy. The Interim Budget for 2014-15 is a reflection of the same,” Kumar said.

The BJP leader said there was no confidence among investors, industry or the common man in the UPA-Congress regime or the triumvirate of Dr Manmohan Singh, Sonia Gandhi or Rahul Gandhi.

"Enough is enough. This Budget reflects the UPA-Congress’s sense of desperation as they are clueless on governance and the burning issues in the country. A test of the vision of a Government is not what it has achieved in actual terms but in what it could have achieved for the country. It is time for the UPA to go,” he added.

Shettar, BJP leaders attack Siddu’s budget

Meanwhile, in the Karnataka State Assembly, BJP opposition leader and former chief minister Jagadish Shettar criticized the budget presented by Chief Minister Siddaramaiah on Friday and said it lacked direction and vision and failed to fulfil the expectations of the people of the State.

Initiating a discussion on the budget estimates, Shettar said that the Chief Minister Siddaramaiah could have made an impact in the areas of agriculture, drinking water, rural development, long term development plans for Bangalore city, among others. He (Siddaramaiah) could have presented a model budget. Probably, the Chief Minister had succumbed to pressure keeping an eye on the ensuing Lok Sabha elections.

Resorting to certain populist measures and making way for concessions to the social sector spoke of the political intentions of Siddaramaiah, Shettar remarked.

The revenue collections had dipped since the Congress came to power in the State and the State’s financial management was in doldrums, he quipped.

The development works in the State had come to a standstill for funds were not released, he alleged. The average expenditure of the government at the end of January, 2014, stood at 57 per cent against the 75 to 80 per cent recorded in during the term of the BJP government in office in five years, he said.

Basavaraj Bommai (BJP) was critical of the government’s performance stated that the financial administration of the State had collapsed.

Another BJP member and former deputy chief minister R Ashok questioned whether development works could take place since the Lok Sabha election code of conduct was likely to come into force shortly.

Former minister Govind Karjol stated that action plans of certain departments were yet to be prepared.