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".