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Karnataka Budget 2023 Live Updates - CM Bommai Presents Revenue Surplus Budget, Outlay Crosses 3 Lakh Crore - The Hindu
Karnataka Budget 2023 Live Updates - CM Bommai Presents Revenue Surplus Budget, Outlay Crosses 3 Lakh Crore - The Hindu
Karnataka Budget 2023 Live Updates - CM Bommai Presents Revenue Surplus Budget, Outlay Crosses 3 Lakh Crore - The Hindu
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Karnataka Chief Minister Basavaraj Bommai presents the State Budget 2023 on February 17, 2023 | Photo
Credit: CM’s Office
Aided by a buoyant economy, Karnataka Chief Minister Basavaraj Bommai presented a
‘please-all’ revenue surplus budget with no tax hike on February 17, less than 100 days
ahead of Assembly elections in the State. The budget outlay has, for the first time,
crossed the ₹3 lakh crore mark, and is pegged at ₹3,09,182 crore, up from ₹2,65,720 lakh
crore in 2022-23.
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Fiscal deficit has been reined in at ₹60,581 crore, or 2.60% of Gross State Domestic
Product (GSDP). With borrowings of ₹77,750 crore, the liabilities at the end of 2023-24
are pegged at ₹5,64,896 lakh crore, or 24.20% of GSDP, thereby satisfying all parameters
of Karnataka Fiscal Responsibility Act, 2002.
The budget has proposed a revenue surplus of ₹402 crore, breaking the trend of revenue
deficit budgets for the past two years, when the budgets did not comply with the
Karnataka Fiscal Responsibility Act, 2002.
Also read: Ceiling for interest-free loans to farmers increased from ₹3 lakh to ₹5 lakh
The Budget speech is also being seen as a poll pitch for the ruling BJP and an exercise in
“articulating the legacy” of Mr. Bommai. CM Bommai had earlier described the Budget
as a “Budget for the voiceless”, with a focus on “farmers, working class, poor, and
women”, setting its political tone.
Here are the latest updates:
Key Updates
Sector 4: Education
Sector 3: Health
Sector 2: Welfare and Inclusive Growth
Sector 1: Agriculture and Allied Activities
Feasibility report has already been prepared for the construction of airports in
Davangere and Koppal districts. Actions will be taken to commence construction
this year.
Record number of 5 new airports work in Shivamogga, Vijayapura, Hassan,
Raichur and Karwar districts. Shivamogga and Vijayapura airport to be completed
this year itself, CM says.
Administrative approval has already been given for construction of Ballari airport,
to be developed under PPP model through competitive bidding process.
Steps have been taken for upgradation of Mysuru airport with an allocation about
Rs. 320 crore
FEBRUARY 17, 2023 13:37
Transport: Here’s what the Budget offers
For induction of new buses, an allocation of Rs. 500 crore has been provided to
road transport corporations. This will help corporations to procure a total of 1,200
buses.
“Chief Minister Insurance Scheme” for auto, taxi, truck drivers and people relying
on gig economy. An insurance cover of Rs. 4 lakh has been announced.
New automated testing tracks will be opened in places such as Yelahanka,
Kasturinagar, Tumakuru, Haveri, Sagara, KGF, Chintamani and other places, with
an allocation of Rs. 85 crore
Utilising “Green Tax” resources, electric vehicles charging points will be set up at
government offices and depots of road transport corporations
State government allocates Rs 1000 crore for the Bengaluru Suburban Rail
project. First reach to be completed by 2024-25.
40 km of metro lines under Phase II will be made operational this year.
CM says spent ₹348 crore for construction of police stations and offices, and for
upgradation and modernisation in 2022-23. Under new Budget, ₹410 crore will be
used for construction of prisons and ₹51 crore for upgradation.
Over 30 lakh farmers in the state received agriculture loan to the tune of Rs.
25,000
CM announces Rs. 10,000 crore for the development of Bengaluru ahead of
Assembly elections and BBMP election.
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Karnataka Chief Minister Basavaraj Bommai at a temple before the 2023 State Budget session |
Photo Credit: Special arrangement
After visiting Srikanteshwara Temple in RT Nagar and Maruthi temple in Balabrooie
in Bengaluru, Karnataka Chief Minister Basavaraj Bommai arrives at Vidhana
Soudha ahead of Budget 2023 presentation today. This Budget marks the last Budget
of Mr. Bommai led BJP government of this term.
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Karnataka / Budget 2023