The Karnataka Assembly on Thursday passed the 2023-24 Budget with a vote on account permitting spending up to July 31 this year in view of the upcoming election.
Replying to the debate on the Budget, Chief Minister Basavaraj Bommai credited “the people of Karnataka” for bringing the state into revenue surplus.
“In 2022-23, we presented a budget with revenue deficit estimated at Rs 14,699 crore. But by January, it was down to Rs 5,996 crore. This year itself, we can achieve revenue surplus. In the next fiscal, we will be revenue surplus. The basis for that is the fact that we’re going to meet budget targets this fiscal,” Bommai said.
Bommai said Karnataka is estimated to have a revenue surplus of Rs 402 crore in the 2023-24 fiscal. “Rajasthan, for example, will have revenue deficit of Rs 23,942 crore. Kerala, too, will see an increase in revenue deficit,” he said. “At a time when other states are yet to come out of this trap, we’re becoming revenue surplus, which is a testimony to our fiscal management,” he said.
Addressing concerns over Karnataka’s liabilities, Bommai assured that House that loans borrowed are being used for capital expenditure. “After I came, we borrowed only Rs 67,000 crore against the estimated Rs 71,000 crore. This year, too, we will be below Rs 72,000 crore in borrowings,” he said.
Targeting Congress, Bommai said the Siddaramaiah-led government had borrowed Rs 1.30 lakh crore between 2013 and 2018. “This is equal to Rs 1.30 lakh crore total loans that Karnataka borrowed in 65 years,” he said. “Congress borrowed 88.3 per cent of what it was allowed. We’ve borrowed only 71 per cent. So, it’s a lie to say we’ve borrowed too much. We’ve been realistic and within limits,” he explained.
Bommai announced in the Assembly that monthly financial assistance to landless women farm labourers under the ‘Shrama Shakthi’ scheme would be hiked from Rs 500 to Rs 1,000. Also, under the ‘Makkala Bus’ scheme, schedules operated by road transport corporations will be increased from 1,000 to 2,000, Bommai said.