BJP demands withdrawal of plan to acquire KSIC land for stadium
Bengaluru (PTI): The opposition BJP on Wednesday targeted the Congress government in Karnataka over its plan to take over a five-acre land parcel at the T Narasipura unit of the KSIC in Mysuru for the construction of a stadium.
The party demanded that the government immediately withdraw the proposal and safeguard the future of Karnataka Silk Industries Corporation and its iconic Mysore Silk.
In a statement on X, Leader of Opposition in the Karnataka Legislative Assembly R Ashoka alleged that the Congress government’s land acquisition targets Karnataka’s pride: Mysore Silk.
“The Congress government has cast its shadow over one of Karnataka’s most iconic heritage institutions. What generations of visionaries built with foresight and pride is now being jeopardised by a reckless and deeply questionable decision,” he claimed.
Referring to a detailed technical report submitted by the Managing Director of KSIC, Ashoka noted that the report clearly states that the five-acre land at the T Narasipura unit is essential for the corporation’s future expansion, installation of an Effluent Treatment Plant (ETP), and increased production capacity.
“The report is backed by data and operational requirements. Yet, despite this, the government appears determined to take over this critical land in the name of constructing a stadium,” he claimed.
Questioning Chief Minister Siddaramaiah, Ashoka asked why the government was “ignoring its own technical experts” and whose interests were being served by what he termed a move to “weaken” a popular, profitable, and high-demand public sector enterprise.
He demanded that the CM explain why a GI-tagged heritage brand is being put at risk for a decision that “raises serious concerns”.
Ashoka claimed that the T Narasipura unit requires nearly five lakh litres of water per day for silk reeling operations.
“Officials have warned that the proposed construction could disrupt vital pipeline infrastructure, potentially paralysing the entire unit. Hundreds of workers and thousands of sericulture farmers depend on this ecosystem for their livelihoods. Is their future expendable?” he asked.
He further contended that under factory regulations, at least 30 per cent of the land must remain designated as a green zone.
Reducing the land footprint could push the unit into regulatory non-compliance, risking operational shutdown. “Is the Congress government willing to compromise legal safeguards and industrial stability for this move?” he asked.
Ashoka stressed that GI-tagged Mysore Silk is not merely a brand but Karnataka’s cultural crown jewel, built during the era of the Mysore Wodeyars and recognised globally for its authenticity and quality.
He alleged that instead of strengthening and modernising the institution, the government appears intent on undermining it.
Warning that Karnataka will not remain silent if its heritage and public enterprises are sacrificed for opaque decisions, he said, “The government must immediately withdraw this move and protect the future of KSIC and Mysore Silk.”
Meanwhile, employees of the corporation have been staging protests, fearing the closure of the factory.
Karnataka Minister H C Mahadevappa recently assured that there was no question of shutting the silk factory at T Narasipura and accused the BJP of “creating unnecessary confusion” over the issue.
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Rupee settles 1 paisa higher to close at 94.15 against US dollar
Mumbai (PTI): The rupee settled with gains of just one paisa to close at 94.15 against the US dollar on Monday, as rising global uncertainty, escalating tensions in West Asia and soaring crude oil prices weighed on investor sentiments.
Forex traders said the INR/USD pair pared its initial losses, but the overall bias remains negative as FII sell-off and elevated crude oil prices restricted the gains for the local unit.
At the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar, and touched an intraday high of 94.11 and a low of 94.28 against the greenback during the day.
At the end of Monday's trading session, the rupee was quoted at 94.15, registering a gain of just 1 paisa over its previous close.
On Friday, the rupee extended its losing streak for the fifth day in a row, depreciating 15 paise to close at 94.16 against the US dollar.
"The rupee snapped a five-session losing streak, rebounding in tandem with a rally across regional currencies. However, the mood remains apprehensive as the market braces for a potential RBI intervention around 94.30 and higher crude oil prices," said Dilip Parmar – Senior Research Analyst, HDFC Securities.
On the charts, the USDINR pair has reclaimed its upward momentum, carving out a classic bullish structure of higher highs and lows on the daily time frame, he said, adding that for the coming sessions, 93.80 serves as a support, with 94.40 acting as the primary hurdle.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent at 98.32.
Brent crude, the global oil benchmark, was trading higher by 2.36 per cent at USD 107.82 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 639.42 points to settle at 77,303.63, while the Nifty surged 194.75 points to 24,092.70.
Foreign Institutional Investors offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.
