Pai warns against stifling Bengaluru's growth environment

Venture capitalist Mohandas Pai warned Karnataka's Chief Minister Siddaramaiah against creating an illiberal environment in Bengaluru. He noted that most unicorn founders are not locals and stressed the importance of an open society for economic growth. Pai highlighted high taxes and infrastructure issues as major concerns, stating that Bengaluru has become the most expensive city in India. He called for economic reforms and better governance to address these challenges. Siddaramaiah recently presented a budget with a revenue deficit of over Rs 19,000 crore for the upcoming fiscal year. Pai criticized the government's financial management, suggesting that high deficits are unsustainable and detrimental to the state's future.