“Budget 2023-24 fulfills all the guarantees we have announced. This is the ‘guarantee budget’ of our government,” Siddaramaiah said.
“The total budget size for 2023-24 is estimated at Rs 3,27,747 crore and a total of Rs 35,410 crore has been allocated in the budget for all the five guarantees.
A new Karnataka Christian Development Corporation will be setup with grant of Rs 100 crore. Rs 25 crore has been allotted for development of prominent Jain religious places.
Revenue mobilisation measures will be undertaken to strengthen the state financial position. Tax departments will be strengthened to increase the tax compliance and steps will be taken to tackle tax evasion and leakage.
Since there is a need of additional resources to fulfill all the guarantees and to undertake the developmental programmes, tax departments are being entrusted with higher targets, he explained.
Equal distribution of wealth among all sections of the society is as important as attracting capital investment and creating more employment for the economic progress of the state.
“Hence, our government is implementing these guarantee schemes, which are not just the freebies provided to the
people but are necessities to distribute the fruits of economic development among the poor,” he said.
By implementing all five guarantee schemes, about Rs 52,062 crore will be disbursed to approximately 1.30 crore families in a year.
Hence, approximately financial assistance of Rs 4,000 to 5,000 per month to each family, i.e., an average of Rs 48,000 to 60,000 annually would be given, Siddaramaiah said.
“I would like to declare that the budget for 2023-24 fulfills our promise of 5 guarantees along with focus on large scale employment generation, higher capital investment, welfare of all the sections of the society with particular emphasis on SC/STs, backward classes and minorities. It also aims to promote inclusive growth by laying clear plan for fiscal stability and fiscal consolidation through revenue mobilisation,” he said.
The total budget size has increased from Rs 2,65,720 crore in 2022-23 Budget estimates to Rs 3,27,747 crore in 2023-24 Budget Estimates.
This is an increase of Rs 62,027 crore with a growth rate of 23 per cent.
Of the total expenditure, revenue expenditure is Rs 2,50,933 crore and capital expenditure is Rs 54,374 crore. The revenue expenditure has increased by 23 per cent and capital expenditure has increased by 16 per cent compared to 2022-23 Budget estimates, he stated.
The revenue deficit for 2023-24 BE is estimated at Rs 12,523 crore.
Fiscal deficit is estimated at Rs 66,646 crore, which is 2.6 per cent of the GSDP and the total outstanding liabilities of the state is estimated to reach Rs 5,71,665 crore at the end of 2023-24, which is 22.3 per cent of GSDP.
As per the Karnataka Fiscal Responsibility Act 2002, Fiscal Deficit has to be within 3 per cent of GSDP and total outstanding liabilities to be within 25 per cent of the GSDP.
This budget has fulfilled both the criteria mandated under Karnataka Fiscal Responsibility Act, 2002.
“We have budgeted a total borrowing of Rs 85,818 crore for 2023-24. The estimated total receipts including loans in 2023-24 BE stands at Rs 3,24,478 crore. This is an increase of Rs 62,501 crore (24 per cent) over the last year. The total revenue receipts in 2023-24 is Rs 2,38,410 crore which is an increase of Rs.48,522 crore (26 per cent) compared to the previous year,” Siddaramaiah said.
In 2023-24, the additional excise duty on liquor, guidance value on immovable properties will be increased and motor vehicle tax rates will be revised.
For 2023-24, a revenue of Rs 98,650 crore is estimated from commercial tax collections. Rs 2,350 crore GST compensation is estimated for the current year. Including GST compensation, a total of Rs 1,01,000 crore is estimated from commercial tax revenue collections, CM Siddaramaiah stated.
Additional Excise Duty on Indian Made Liquor (IML) will be increased by 20 per cent on all 18 slabs. Additional Excise Duty on Beer will be increased from 175 to 185 per cent.
“Even after the increase in excise rates, the price of liquor in our state would be lower compared to the neighbouring states. Motor vehicle tax levied on certain vehicle categories will be revised in the current year,” he said.
The size of gender budget has been increased to Rs 70,427 crore in BE 2023-24 compared with Rs 42,634 crore in BE 2022-23, which is an increase of Rs 27,793 crore.
“This displays the steadfast commitment of my government towards eliminating gender disparities and promoting girls’
and women’s development along with overall improvement in their quality of life,” the Chief Minister said.
“Recognising the importance of children in building stronger economy and society in the near future, the allocation for Child Budget has been increased to Rs 51,229 crore in BE 2023-24 compared with Rs 41,651 crore in BE 2022-23, which is an increase of Rs 9,578 crore,” he said.
–IANS
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