Karnataka Chief Minister Siddaramaiah, who also holds the finance portfolio, presented the State Budget for 2023-2024 in the Legislative Assembly on Friday. This marks his seventh budget as Chief Minister and his 14th budget presentation overall, surpassing the record previously held by late Ramakrishna Hegde.
Emphasis on Development and Social Justice
CM Siddaramaiah commenced the budget presentation by highlighting Karnataka's commitment to development and social justice, drawing inspiration from the state's historical figure, Basavanna. He expressed his dedication to continuing this tradition through his policies and initiatives.
Equal Opportunities and Guarantee Schemes
The Chief Minister stressed the government's focus on providing equal opportunities for all citizens. He affirmed their efforts to provide relief through guarantee schemes and addressed criticism from the opposition, stating that people would not be swayed by arguments against these schemes. Siddaramaiah assured the implementation of the schemes had already begun.
Budget Outlay and Financial Aid
The presented state budget for 2023-2024 has an outlay exceeding Rs 3.27 lakh crore. As part of the government's five poll promises, CM Siddaramaiah announced that each household would receive an average additional financial aid ranging from Rs 4,000 to Rs 5,000 per month. These measures aim to provide significant support and assistance to the people of Karnataka.
Key Budgetary Announcements:
1. Direct Transfer of Benefits: CM Siddaramaiah addressed the direct transfer of benefits promised by his government, stating that each family would receive an additional annual income of Rs 60,000. The government aims to transfer Rs 52,000 crore to more than one crore families through these guarantees.
2. Universal Basic Income: Siddaramaiah announced the implementation of the concept of Universal Basic Income for the first time in the country. He highlighted that 60% of GST is collected from the poor, but the benefits disproportionately favor the rich. The government aims to rectify this imbalance and strive for the equal distribution of resources.
3. Initiatives for Agriculture and Horticulture: The budget includes the relaunch of the Krishi Bhagya Scheme with an allocation of Rs 100 crore. A new scheme called "Navodyama" will encourage innovation and value addition in agricultural marketing. Additionally, provisions have been made to support branding of farmers' produce and provide practical knowledge about the horticulture sector to high school students.
4. Benefits for Farmers: The cooperative department will increase the short-term zero-interest loan limit from Rs 3 lakh to Rs 5 lakh. Medium and long-range loans at 3% interest will be increased to Rs 15 lakh from Rs 10 lakh. Furthermore, an interest subsidy of up to 7% on bank loans up to Rs 20 lakh will be provided for farmers to construct godowns.
