Central agencies forced 12 lakh entrepreneurs to leave India, says Karnataka CM DKS

According to BENGALURU: Chief Minister DK Shivakumar on Friday, 12 lakh entrepreneurs had left the country, due to alleged harassment by central agencies such as the Income Tax Department, Enforcement Directorate (ED) and CBI.

Key points

• Highlighting Karnataka's contribution to the national economy, Shivakumar remarked South India was the "fuel" driving India's progress.
• According to He additionally, karnataka had a higher level of formal transactions compared to a number of other states.
• Offer us your suggestions to correct our mistakes, he stated.
• IT, ED and CBI have become too much for them.

Speaking at an interaction conference organised by the Institute of Chartered Accountants of India (ICAI), Shivakumar remarked honest taxpayers were being subjected to mental harassment while those involved in wrongdoing were not being adequately questioned.

"IT, ED and CBI have become too much for them. They are leaving the country, " he remarked, adding that the administration should work towards creating an environment where businesses can operate without unnecessary. He pressed CAs to advise the administration on increasing revenue, plugging leakages and correcting financial lapses.

"We are open to new ideas and solutions. Offer us your suggestions to correct our mistakes, " he stated. He remarked Karnataka was emerging as an economic powerhouse and stressed the role of Chartered Accountants in supporting the state's expansion.

Highlighting Karnataka's contribution to the national economy, Shivakumar remarked South India was the "fuel" driving India's progress. He remarked Karnataka was the country's second-highest tax-paying state and argued that the region deserved a fair share of resources in proportion.

According to He additionally, karnataka had a higher level of formal transactions compared to a number of other states. While around 90% of transactions in Karnataka were through formal channels, referring to his experience in Gujarat, he observed that regarding 70 per cent of transactions there were in cash. He sought suggestions from CAs on increasing administration revenue without adversely affecting trade and industry.

Taken together, the developments around central agencies forced 12 lakh entrepreneurs to leave India, says Karnataka CM point to a situation that is still moving, and the coming days should bring more clarity.