Bengaluru: Chief Minister Siddaramaiah on Friday presented a Rs 1.62 lakh crore budget for the year 2018-19 in the State Assembly.
The chief minister announced that Karnataka has a fiscal deficit of Rs 35,127 crore which is 2.49 per cent of the gross state domestic product (GSDP) while the revenue surplus stands at Rs 127 crore.
The total receipts are estimated to be Rs 2,02,297 crore during 2018-19. The Budget estimates envisage revenue receipts of Rs 1,62,765 crore and capital receipts of Rs 39,532 crore including borrowings Rs 39,328 crore. The total expenditure is estimated to be Rs 2,09,181 crore consisting of revenue expenditure of Rs 1,62,637 crore, capital expenditure of Rs 35,458 crore and debt repayment of Rs 11,086 crore.
“Now, I commend the budget for consideration of the August House and seek approval for Vote on Account for the expenditure up to 31st July, 2018 of 2018-19 as per budget estimates,’’ Chief Minister Siddaramaiah said in the Assembly.
Presenting 13th Budget as finance minister, the Chief Minister said that he has been contributing based on the experienced gained by his interaction with people as one among them during his long political career of four decades.
“If the Budgets presented so far by our government are observed, it can be mainly seen that well being of the common man is central to it,’’ the Chief Minister said.
He said the financial year 2017-18 started with the economy still trying to grapple with the after effects of demonetization announced in November 2016.
“Demonetisation hit both the supply as well as the demand side, leading to an overall slowdown in the economy. This has impacted not only the economy but also the state finances. Revenues from all taxes, especially stamp duty and registration fee, were adversely impacted due to the demonetization,’’ he said.
The chief minister has allocated Rs 5,849 crore for agriculture during the year 2018-19. He said Krishi Bhagya scheme has played a vital role in augmenting income by providing protective irrigation to crops thus effectively combating drought situation in the state.
“Based on the successful result in the last four years, this scheme will be continued with a grant of Rs 600 crore in the year 2018-19 also. State’s shar of Rs 845 crore will be provided on behalf of farmers for kharif and rabi seasons of the year 2018-19 under Karnataka Raitha Suraksha Pradhana Mantri Phasal Bhima Yojane,’’ he said.
He also proposes in the Budget to set up a new agricultural college in Chamarajanagara district, an agricultural research centre at Muddebihala in Vijayapura district to give emphasis to research in agriculture as demanded by the farmers in the state.
