Karnataka CM Bommai leaves for Davos to participate in World Economic Forum

Referring to the Global Investors’ Meet scheduled to be held in Karnataka in November, Bommai said that interactions at the Davos summit would be of significant help in drawing investors to the state. This time the Global Investors’ Meet would not be confined to just the signing of memorandums of understanding (MoUs) and all the initiatives would be taken up to ensure the setting up of the industries, he said.

“All set to participate in World Economic Forum Summit at Davos. Will be interacting with business heads of 18 countries about important economic & environmental issues. Davos will give great impetus to upcoming #InvestKarnataka2022 Global Investors’ Meet,” he later said in a tweet.

All set to participate in World Economic Forum Summit at Davos. Will be interacting with business heads of 18 countries about important economic & environmental issues. Davos will give great impetus to upcoming #InvestKarnataka2022 Global Investors' Meet.

— Basavaraj S Bommai (Modi Ka Parivar) (@BSBommai) May 22, 2022

Ministers Murugesh Nirani (industries) and Dr Ashwath Narayan (IT and biotechnology) and senior officials are accompanying CM Bommai to the summit.

About the Union commerce and industry ministry’s announcement on Friday that India received the “highest ever” total foreign direct investments (FDI) of USD 83.57 billion in 2021-22 and Karnataka topped the list among states, Bommai said that “we are proud of it”.

‘Will consider further cut in fuel tax’

Bommai also said that his government would consider further cut in fuel tax, following the Centre’s decision to reduce excise duty on petrol and diesel. “The decision (Centre’s) has come on Saturday night, let’s see, we will consider it,” Bommai told reporters in response to a query on any decision from the state government to further reduce petrol and diesel rates.

Union Finance Minister Nirmala Sitharaman on Saturday announced a cut of Rs 8 per litre in excise duty on petrol and Rs 6 a litre on diesel to avoid an increase in fuel prices that were necessitated due to a surge in international oil prices. Thanking PM Modi and Sitharaman, the Bommai tweeted: “Price of petrol to reduce by Rs 9.5/litre & diesel by Rs 7/litre…..This measure will be a huge boon to our women folk. Our government is ‘ of the people’ & ‘for the people’. This is a pro people decision.”

Bommai was non-committal last month on any further cut in fuel tax by the state government and had maintained that any decision in this regard will be taken after looking at the economy of the state. In November 2021, the state government had cut sales tax on petrol from 35 per cent to 25.9 per cent and on diesel from 24 per cent to 14.34 per cent, which resulted in petrol price coming down by Rs 13.30 per litre and diesel by Rs 19.47 per litre.

(With PTI inputs)