The Hindu : Karnataka News : `Prepare White Paper on assets, liabilities'

Online edition of India's National Newspaper
Thursday, Mar 24, 2005

Karnataka

Karnataka

`Prepare White Paper on assets, liabilities'

By Our Staff Reporter

BANGALORE, MARCH 23. The revenue surplus claimed in the State budget seems like an attempt to give a false sense of comfort and does not reflect the true picture, V.S. Acharya (Bharatiya Janata Party) said in the Legislative Council today.

Participating in the debate on the budget, Dr. Acharya said the non-tax revenue shown in the budget is inordinately high. For the first time since in legislature history, the statement of accounts does not show the assets and liabilities of the State, which should be the last chapter after the statement of revenue and expenditure, he added.

On the allocation of Rs. 150 crores for the Legislators' Development Fund, he said it is a meagre amount.

He said agriculture contributes only 18.7 per cent of the GDP. A revenue of Rs. 28,500 crores is generated by 62 per cent of the population working in the sector directly or indirectly. It is time the Government facilitates the shifting of the workforce to secondary and tertiary sectors to increase incomes and generate employment opportunities, Dr. Acharya said.

Arun Machaiah (independent) said Coca-Cola, which markets bottled water under the brand name of "Kinley," is enjoying a tax holiday, and the Government has facilitated distribution of the brand through Mysore Sales International Ltd. But, sales tax of 16 per cent is imposed on Indian firms marketing bottled water, he added

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