Siddaramaiah presents revenue deficit budget; total outlay Rs 3.71 lac crore


Updated

Bengaluru, Feb 16 (IANS): Karnataka Chief Minister K. Siddaramaiah on Friday presented a revenue deficit state budget for the year 2024-25 with a total outlay of Rs 3.71 lakh crore.

Siddaramaiah, who also holds the Finance portfolio, said: "I am presenting a revenue deficit budget... I have increased the budgetary allocation for Welfare programmes to Rs 1,20,373 crore. Further I have successfully ensured fiscal consolidation by keeping the fiscal deficit within 3 per cent of GSDP and total outstanding liabilities within 25 per cent of GSDP without compromising the Capital Expenditure."

In 2024-25, Rs 86,423 crore will be provided for women oriented schemes and Rs 54,617 crore will be provided for children oriented schemes.

Siddaramaiah said: "Total revenue receipts of Rs 2,63,178 crore are estimated for 2024-25, out of which Rs 1,89,893 crore are State own tax revenues and Rs 13,500 crore from non-tax revenue sources. A total of Rs 44,485 crore under tax devolution and Rs 15,300 crore as Grant-in-aid are estimated to be received from the Centre.

"Total Expenditure for 2024-25 is estimated to be Rs 3,71,383 crore, which includes Revenue expenditure of Rs 2,90,531 crore, Capital Expenditure of Rs 55,877 crore and loan repayment of Rs 24,974 crore," Siddaramaiah said.

For the financial year 2024-25, revenue deficit is estimated to be Rs 27,354 crore. Fiscal Deficit is estimated to be Rs 82,981 crore, which is 2.95 per cent of GSDP. Total liabilities at the end of 2024-25 is estimated to be Rs. 6,65,095 crore, which is 23.68 per cent of GSDP, he stated.

"Our vision for the future is not limited to the Guarantee scheme. Amid the successful implementation of Guarantee schemes during the past nine months, the state government has given Cabinet approval to works worth Rs 21,168 crore and revised estimates of Rs 2,230 crore have been approved. Further, an Action Plan for Rs 2,188 crore has also been approved," he said.

"Social Justice is not just our belief, but a broader perspective towards life. The Kayaka and Dasoha principles of Basavadi Sharanas inspire us towards building an equal society. The Sharana philosophy of setting aside a part of one's earnings for dasoha underpins our hope of achieving an equitable distribution of wealth in society," he said.

The chief minister earmarked 52,000 crore for implementation of five guarantee schemes of Shakti, Gruhajyoti, Gruha Lakshmi, Yuva Nidhi and Annabhagya.

"Bengaluru will be transformed into a truly global city with world-class infrastructure. We will work to attract global corporate talent in the emerging areas within the IT and BT sector, Artificial Intelligence and Robotics, Semiconductors, Automobiles," he said.

"A separate Project Division and two sub-divisions have already been set up to implement the ambitious Mekedatu Balancing Reservoir and drinking water project of Cauvery river valley.

Priority will be given to land acquisition and resettlement and rehabilitation as well as to complete sub-schemes under North Karnataka's ambitious Upper Krishna Phase-III Project, Siddaramaiah said.

"As announced in the previous Budget, the State Education Policy Commission has been formed to prepare a draft Karnataka State Education Policy which truly reflects the culture and identity of the State," he said.

For former devadasis, monthly allowance has been increased from Rs 1,500 to Rs 2,000, Siddaramaiah said.

This budget will pave the way for creating a new Karnataka Model of Development, he said.

 

Live updates

13.35 - In this budget, I have ensured fiscal discipline by keeping the fiscal deficit within 3% of GSDP," CM Siddaramaiah concludes speech

13.30 - Government to revise tax slabs for IML and beer

13.27 - 'Karnataka 2nd in terms of total GST contribution': CM Siddaramaiah

13.25 - To enact Civil Procedure Code (Karnataka Amendment) Act, 2023 for poor and farmers: CM Siddaramaiah

13.23 - Rs 3,000 crore to Shakti scheme

13.22 - Government to setup Information Disorder Tackling Unit to curb misinformation: CM

13.21 - Government to set-up housing complexes for karnataka pilgrims in major religious centres around India

13.20 - More government services to go digital

13.19 - State government to take measures to mitigate the severity of drought

13.04 - Government introduces new 'Bhoo-Suraksha' scheme

13.02 - "Bhoo-Suraksha’ scheme will be rolled out on pilot basis to provide the citizen computerized records online by scanning land, survey and registration records of Revenue Department, by this we can computerize and maintain the old records permanently without allowing to create fake records," said CM Siddaramaiah.

12.58 - Government allocates Rs 100 crore for Anjanadri Hills

12.57 - International standard Sports City to come up at Bengaluru city: Siddaramaiah

12.56 - Kannada Language Comprehensive Development Act will be enforced strictly: CM Siddaramaiah

12.55 - Govt to form new programmes to maintain Karnataka’s top position in the start-up ecosystem: Siddaramaiah

12.50 - New Textile Policy 2024-29 will be formulated soon: CM

12.37 - Government to set up new Sugar factor in Mandya - CM

12.34 - Rs 817 crore Signature Business Park to come up near Kempegowda International Airport - CM

12.30 - More funds for development of coast, ports and water transport - CM

12.28 - Government to develop state highways at a cost Rs 5,736 crore - Siddaramaiah

12.25 - Government to increase power generation in Karnataka - CM

12.23 - Government to setup new waste processing units in Bengaluru city - CM

12.21 - BWSSB to offer 24x7 water supply, expand cauvery water supply to more areas in the City - Siddaramaiah

12.19 - Government to set up new satellite townships around Bengaluru city - Siddaramaiah

12.17 - BMTC to get more electric buses - CM

12.16 - Sub-urban railway project to pick pace this year: CM Siddaramaiah

12.12 - New Metro projects for Bengaluru announced by CM

12.10 - "To develop Bengaluru into a world-class city, we have conceptualised Brand Bengaluru. We have introduced major reforms in various sectors to improve the quality of life of people and to attract investors. During this year, we are focusing on augmentation of resources, reducing traffic congestion, construction of quality roads, supply of clean drinking water, better public transport and creating a clean and beautiful Bengaluru," said CM.

12.03 - Rs 5,000 crore under Kalyana Karnataka Region Development

12.01 - CM announces Rural Development and Panchayat Raj works. Roads wil be built, Arivu Centres will be strengthened, Solar street lights will be installed, Palliative Care centres will be started, Palliative Care centres will be started, and Under Prerana scheme, usage of Menstrual Cups will be promoted among women from Self-Help Groups.

11.56 am - New State Skill Policy to be framed to address the need for skilled workforce in industrial and emerging sectors - CM

11.50 am - "The Platform-Based Gig Workers Fund and Welfare Fee Bill will be introduced in order to provide livelihood security to Platform-Based Gig Workers. Through this Act, a cess will be levied on eligible online transactions and the money collected will be utilized for the welfare of gig workers," said CM Siddaramaiah.

11.47 am - Three lac houses for the poor to be completed in 2024-25 - CM

11.45 am - Rs 100 crore for protection and conservation of Wakf properties maintained by ASI, says CM Siddaramaiah

11.36 am - CM announces SC-ST welfare funds

11.34 am - New measures for welfare of former devadasis - Siddaramaiah

11.32 am - More funds for differently abled persons of the state - CM

11.30 am - 1,000 new anganwadis to constructed in the state. All anganawadi workers and supervisors in the state will be provided with smartphones to facilitate their daily activities. A total of 75,938 smartphones will be procured at a cost of Rs 90 crore - CM

11.27 am - Rs 11,726 crore has been directly transferred to the account of Gruha Lakshmi beneficiaries - CM

11.23 am - Human Milk Banks have been set up in 4 districts of the State. Three new units will be established in Raichur, Mysuru, Ballari districts during current year - Siddaramaiah

11.19 am - New 100-bed hospitals to set up in select taluks of state - CM

11.17 am - University of Vishweshwaraiah College of Engineering (UVCE) will be upgraded on the lines of IITs at a cost of Rs 500 crore. For this, a grant of Rs.100 crore will be provided by the Government. Besides, resources for development of university will be mobilized through CSR fund and contributions from alumni - CM

11.15 am - To address the problem of reduction in water storage capacity of Tungabhadra reservoir due to silt accumulation and also to fulfil a long standing demand of farmers of the area a detailed project report has been prepared for constructing a balancing reservoir near Navali in Koppala district at a cost of Rs. 15,600 crore and consultation with Andhra Pradesh and Telangana States regarding implementation of the project has been started. Priority will be given for the execution of the project, said Siddaramaiah

11.04 am - To empower women of the state, government plans to set up all women-run Cafes in the state with an initial fund of Rs 7.5 crore, said Siddaramaiah.

11.02 am - Rs 250 crore allocated for upgradation of first grade colleges and Rs 120 crore for polytechnic institution in the state. And, Rs 10 crore corpus fund for financial assistance to teachers and students to file patents - CM

10.56 am - State suffered due to lackadaisical attitude of previous govt - Siddaramaiah

10.42 am - Karnataka suffered a loss of Rs 59,000 crore due to unscientific implementation of GST - CM

10.40 am - Karnataka is the second highest source of GST collection in the country with 18 per cent increase this fiscal compared to 2022-23 - CM

10.37 am - Amidst the successful implementation of guarantee schemes of such huge scale, during last nine months our government has given cabinet approval to works worth Rs 21,168 crore and revised estimates of Rs 2,230 crore have been approved. Further, action plan for Rs 2,188 crore has also been approved. We have given impetus to creating an ecosystem that promotes inclusive development and accelerated economic development in the coming future - CM

10.36 am - Inflow of Foreign Direct Investment at 2.8 billion dollars as of September 2023 despite economic slowdown, high interest rate in developed nations and reduced FDI inflows to the country - Siddaramaiah

10.33 am - Through the five guarantees of Shakti, Gruhajyoti, Gruhalakshmi, Yuvanidhi and Annabhagya, we are putting Rs 52,000 crore in the hands of crores of people during 2024-25. An average of Rs 50,000 to Rs 55,000 is transferred to each family every year through guarantee schemes - CM

10.32 am - Total budget size is 3.71 lakh cr; state economy estimated to grow at 6.6% in 2023-24 - Siddaramaiah

 

Earlier report

Chief minister Siddaramaiah set to present Karnataka Budget 2024

Bengaluru, Feb 16 (IANS): Karnataka Chief Minister Siddaramaiah is all set to present the state budget on Friday in the Assembly here.

This will be his 15th budget presentation and eighth as the chief minister, which is the highest by any CM in the state.

All eyes are on the revenue generation mechanism for the five guarantee schemes which are expected to cost the government Rs 50,000 crore to Rs 60,000 crore annually.

The opposition BJP and JD(S) have been claiming that the guarantee schemes have drained the treasury of the state and the government is unable to take up any development work.

CM Siddaramaiah had presented a budget with a total outlay of 3.27 lakh crore in 2023-24. According to sources, the CM is all set to present the budget with an outlay of Rs 3.80 lakh crore. The credits are expected to cross Rs 1 lakh crore.

The CM is also likely to announce the creation of new districts from existing Belagavi and Tumakuru districts.

Ahead of the budget presentation, the CM will chair a special cabinet meeting to get the approval for the budget.

BJP's state President B.Y. Vijayendra said that they have no expectation from the state budget. Taking to social media, he said on Thursday that the state budget will be a "bundle of lies and loans".

 

 

 

 

 

  

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Comment on this article

  • WellWisher, Mangalore

    Sat, Feb 17 2024

    No doubt , Congress 100% completed their given promise infavor to all Kannadigas. Appeal with Kannadigas tyo demand for Fare And Clear BALLOT PAPER vote and support congress to win all MP seats from our Kannada Nagri. EVM will not give fare result. Croocked NAGPUR technology will favor to bjpee. so don't allow EVM specially during MP election. Jai Hind Jai Karnataka ! Toko Thaali !

    DisAgree [4] Agree [5] Reply Report Abuse

  • WellWisher, Mangalore

    Sat, Feb 17 2024

    No doubt , Congress 100% completed their given promise infavor to all Kannadigas. Appeal with Kannadigas tyo demand for Fare And Clear BALLOT PAPER vote and support congress to win all MP seats from our Kannada Nagri. EVM will not give fare result. Croocked NAGPUR technology will favor to bjpee. so don't allow EVM specially during MP election. Jai Hind Jai Karnataka

    DisAgree [5] Agree [4] Reply Report Abuse

  • real kujuma, kodial

    Sat, Feb 17 2024

    we admire your honesty sir...unlike the five trillion bullet train feku budget

    DisAgree [8] Agree [11] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Sat, Feb 17 2024

    Siddaramaiah is a Happy Man ...

    DisAgree [9] Agree [20] Reply Report Abuse

  • KS Mayya, Mangalore/Bangalore

    Fri, Feb 16 2024

    Congratulate Siddu for setting target on alcohol deaddiction for poor and middle class. Next step should be to bring drugs under the ambit of excise department and make its sale legal through licensed outlets. That way, those that can afford to either pay flight ticket to Goa or states where alcohol and drugs are cheap, rich will fly there and consume and the poor people will live happily ever after by riding free bus rides and enjoying free electricity.

    DisAgree [12] Agree [20] Reply Report Abuse

  • Sabinalilly, Mlore

    Fri, Feb 16 2024

    Siddaramannage Jai Ho!

    DisAgree [11] Agree [21] Reply Report Abuse

  • Dinesh, Dubai

    Fri, Feb 16 2024

    One thing is sure ...Siddu is not a FEKU who had promised so many things in 10 years and delivered ZERO

    DisAgree [55] Agree [49] Reply Report Abuse

  • Gautam Das, Bnagalore

    Fri, Feb 16 2024

    Blinds like you can not see. They are to hear only his communal master’s voice and dance. You got kicked out for no delivery at all. Why are you in Muslim country for your survival, Modi can not deliver you anything in your Bharath?????.

    DisAgree [38] Agree [27] Reply Report Abuse

  • Narayana S., Bengaluru

    Sat, Feb 17 2024

    You mean to say Narendra Modi is a FEKU who had promised so many things in last 10 years and delivered ZERO. If so that is 200% TRUE.

    DisAgree [15] Agree [18] Reply Report Abuse

  • ca girishkk, valencia/m'lore

    Sat, Feb 17 2024

    @Narayana... Naryana...., what made you to attribute FEKU as Narendra Modi....?????, Is it patented to him..., you are prematurely reacting..,

    DisAgree [9] Agree [2] Reply Report Abuse

  • Monty Dotor, Mangalore

    Fri, Feb 16 2024

    Any Namma Metro train for Namma Mangaluru? Usually the State budget is more of a Bangalore budget, hope this time there is something for entire Karnataka..

    DisAgree [5] Agree [46] Reply Report Abuse

  • Ajay Rebello, Kallianpur

    Fri, Feb 16 2024

    Perhaps you should ask nalin anna 😉

    DisAgree [13] Agree [25] Reply Report Abuse

  • Hussain, Udupi

    Fri, Feb 16 2024

    does women run cafe make any women empower???? it further divide people. better divide state into 2 part, women run state and men run state............. Laxmi heblarkar will be cm there and siddu here...

    DisAgree [17] Agree [39] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Fri, Feb 16 2024

    Siddaramayya is trying his level best to bring back our old glory.

    DisAgree [45] Agree [75] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Fri, Feb 16 2024

    Karnataka is Honest ...

    DisAgree [36] Agree [73] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Fri, Feb 16 2024

    Siddaramaiah delivers what he Promises ...

    DisAgree [50] Agree [76] Reply Report Abuse


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Title: Siddaramaiah presents revenue deficit budget; total outlay Rs 3.71 lac crore



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