Karnataka cm siddaramaiah presents ‘guarantee budget’
Backed by 21% growth in GST, CM presents his 14th Budget that seeks to implement the five guarantees Congress made during Assembly elections; relaunches several discontinued schemes.For promoting inclusive development, Karnataka Chief Minister Siddaramaiah on Friday presented a Budget with focus on welfare for the benefit of the common man by relaunching several discontinued schemes and offering interest-subsidy loans for people at the margins.
Backed by 21% growth in GST, Mr. Siddaramaiah in his 14th Budget allocated ₹35,410 crore for implementing what he called “guarantee Budget” that seeks to implement the five guarantees promised to the electorate during Assembly elections, which would benefit 1.3 crore families.
For mobilising resources for funding the guarantees, the Budget proposed to hike excise duty on Indian Made Liquor by 20% in all 18 slabs and beer by 10%.
It proposes to revise the guidance value of all immovable properties, and set higher targets for mobilisation of revenue for all income-generating departments.
He proposed to increase the borrowings from ₹72,090 crore in 2022-23 to ₹86,068 crore, an increase of ₹13,979 crore, a 19% rise. The size of the Budget is up from ₹2,65,720 crore in 2022-23 to ₹3,27,747 crore in 2023-24, an increase of ₹62,027 crore, a 23% growth. It is a Budget with a revenue deficit of ₹12,523 core.
Mr. Siddaramaiah said the Karnataka government would make efforts to augment the State economy to one trillion-dollar economy.
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