Karnataka Deputy CM Criticizes Banks for Lack of Support for Entrepreneurs

Karnataka Deputy Chief Minister D K Shivakumar criticized banks on Saturday for not aligning with the Central government's initiatives aimed at aiding entrepreneurs, particularly those involving collateral-free loans.

During the inauguration of the Karnataka Small Scale Industries Association's Centre of Excellence and Innovation in Bengaluru, Shivakumar highlighted the urgent need to provide growth opportunities for the younger generation. He emphasized that KASSIA's success depends on pressuring the government more than larger industries.

The Deputy CM expressed disappointment over banks' reluctance to support emerging entrepreneurs despite government promises and encouraged KASSIA leaders to advocate for competition-led quality improvements. He also warned against potential business shifts out of Karnataka, urging proactive engagement with Union Cabinet Ministers.

(With inputs from agencies.)