Siddaramaiah presents revenue deficit budget; total outlay 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.