Karnataka Chief Minister Siddaramaiah is gearing up to present the state budget in the Assembly on Friday, marking his 15th budget presentation and eighth as chief minister, a record in the state. The revenue generation strategy is awaited to be announced which included five guarantee schemes. These schemes are overall project to cost 50-60 thousand crores to the Government.
The opposition, led by the BJP and JD(S), contends that these guarantee schemes have significantly depleted the state treasury, hindering the government’s ability to undertake essential development projects. In the previous fiscal year (2023-24), CM Siddaramaiah presented a budget with a total outlay of 3.27 lakh crore. However, sources indicate that this year’s budget is expected to have a larger outlay, reaching approximately Rs 3.80 lakh crore, with credits potentially surpassing Rs 1 lakh crore.
In addition to budgetary considerations, there is speculation that the Chief Minister may announce the creation of new districts carved out of the existing Belagavi and Tumakuru districts. Prior to the budget presentation, Siddaramaiah is scheduled to preside over a special cabinet meeting to secure approval for the proposed budgetary allocations.
The BJP’s state President, B.Y. Vijayendra, expressed minimal expectations from the state budget, characterizing it as a “bundle of lies and loans” on social media. The political discourse surrounding the budget highlights the ongoing tension between the ruling party and the opposition regarding fiscal policies and their impact on the state’s financial health.
As the Chief Minister prepares to unveil the budget, the public remains keenly observant of the proposed financial allocations and their implications for the state’s development, especially in the context of the opposing claims regarding the impact of guarantee schemes on Karnataka’s economic landscape.
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