Karnataka CM presents deficit budget for fiscal 2019-20
Bengaluru, Feb 8 (IANS): Burdened by Rs 12,650-crore farm loan waiver and other exigencies, Karnataka Chief Minister H.D. Kumaraswamy on Friday presented a deficit budget for fiscal 2019-20.
"As the total expenditure for the ensuing fiscal is estimated to be Rs 2,34,153 crore and total receipts Rs 2,30,738 crore, the budget deficit is expected to be Rs 3,415 crore," said Kumaraswamy presenting the second budget of the Janata Dal-Secular (JD-S) and Congress coalition government in the southern state.
Though the budget has projected Rs 258-crore revenue surplus for 2019-20 as against revised estimate of Rs 194-crore for fiscal 2018-19 and reduced the burden on the capital account to Rs 174 crore from the budget estimate of Rs 579 crore for 2018-19, the budget estimates Rs 687-crore deficit for 2019-20.
"The revenue surplus is estimated to be Rs 258 crore, fiscal deficit is expected to be Rs 42,051 crore, which is 2.65 per cent of the Gross State Domestic Product (GSDP and within the mandate 3 per cent of the Karnataka Fiscal Responsibility Act," Kumaraswamy told the legislators amid protests and a walkout by the opposition BJP members.
As per revised estimates for 2018-19, budget deficit is Rs 5,223 crore due to 16.6 per cent annual increase in total expenditure to Rs 2,17,451 crore while total receipts lagged at Rs 2,12,228 crore from budget estimates of Rs 2,13,734 crore.
The estimated tax revenue of Rs 1,18,993 crore, including Goods and Services Tax (GST) compensation from the Central government, will be 11.9 per cent over the revised estimate of fiscal 2018-19.
"We expect to collect Rs 8,055 crore from non-tax revenues, Rs 39,806 crore as a share of central taxes and Rs 15,008 crore as central grants. State-run boards and corporations and local bodies are expected to mobilise Rs 21,459 crore through internal resource generation and borrowings," said Kumaraswsamy.
The Chief Minister, who also holds the finance portfolio, has proposed steep increase in additional duty on beer, drought beer, beer from micro-brewery and low alcoholic beverage for mobilizing Rs 20,950 crore from excise duty in the new fiscal as against Rs 19,750 crore set for fiscal 2018-19.
As part of the commitment to the agriculture sector, Kumaraswamy has provided Rs 12,650 crore for waiving crop loans of about 40-lakh farmers across the state in the new fiscal.
"The budgetary provision includes Rs 6,500 crore for loans raised from state-run or commercial banks and Rs 6,150 crore from state cooperative banks. The cooperative loan waiver process will be completed by June, 2019 and that of commercial banks by the end of the coming fiscal," said the Chief Minister.
In the current fiscal (2018-19), though the budget allocated Rs 6,500-crore for waiving farm loans from commercial banks, Kumaraswamy said only Rs 2,850 crore was released to benefit 6 lakh farmers.
"The budget provision of Rs 2,600 crore for crop loans borrowed from cooperative banks has been released, benefiting 5.97-lakh farmers across the state," added Kumaraswamy.
Earlier updates
03.40 pm: Crop loan waiver gets Rs 12,650 crore. Kumaraswamy has kept Rs 6,500 crore for waiver of crop loans borrowed from commercial banks and Rs 6,150 crore to those in the cooperative sector.
03.30 pm: Special grant of Rs 5 crore for celebrating 150th birth anniversory of Mahatma Gandhi
03.28 pm: Global capital investment conference to be held in January 2020
03.06 pm: Rs 5 crore for development of Melukote
03.05 pm: Survey of mining contracts at the cost of Rs 80 crore
03.03 pm: Tax revenue in first nine months of the year pegged Rs 71,735 crore, says CM
03.01 pm: Govt planning to privide Minimum Support Price to 12 crops
02.50 pm: Rs 3,700 crore to distribute food grains to beneficiaries
02.49 pm: Rs 100 crore to control human-elephant conflict
02.48 pm: Rs 30 crore for central prisons in Vijayapura and Bidar
02.46 pm: Rs 4 crore for establishment of 8 cyber economic and narcotics wing
02.44 pm: Rs 20 crore for basic intrastructure in police colonies
02.30 PM: CM allots Rs 46, 853 crore for agriculture sector
02.12 pm: 10 lakh jobs will be created by end of this fiscal year under MGNREGA
02.11 pm: Two wheeler charging facilities in 10 metro stations
02.10 pm: 4 lakh houses to be built under various housing schemes in state
02.09 pm: Shramika Sourabha scheme for construction site workers
02.08 pm: Rs 25 crore for development of late Siddaganga seer's birthplace
02.07 pm: Govt to build 2000 houses for fishermen
02.06 pm: Smart parking in 87 roads to accomodate 1000 vehicles in Bengaluru
02.05 pm: 3 anganwadi centres to be inaugurated
02.04 pm: Rs 60 crore for various maths and religious institutions
02.03 pm: Rs 600 crore for MLA development fund
02.02 pm: Rs 6500 crore to be paid off to cooperative banks to waiver farm loans
02.01 pm: Common pass for BMRCL and BMTC
01.58 pm: Rs 9 crore for parks in cities
01.57 pm: 450 bed hospitals planned in Kodagu and Karwar
01.55 pm: CET exams to go online
01.54 pm: Four new talks to be formed
01.53 pm: Honorarium for Asha workers increased by Rs 500 per month
01.50 pm: 1500 new schools to be constructed
01.46 pm: Educational aids to be given to 1000 government schools
01.44 pm: Beer tastes bitter as government hikes excise cess
01.40 pm: 840 houses constructed in flood-hit Kodagu, says CM
01.39 pm: Rs 300 crore for Badami and Rs 200 crore for Koppal lift irrigation schemes
01.38 pm: Rs 1600 crore for rejuvenation of lakes in Karnataka
01.37 pm: Rs 200 crore for lake rejuvenation at Shikaripura
01.35 pm: 600 rural agri markets to be developed at cost of one crore per market
01.33 pm: 50% subsidy amount for purchase of boats by fishermen
01.29 pm: Major irrigation project for Bagalkot district announced
01.26 pm: 6 prominent minor millets to be sold in major outlets
01.23 pm: Government to hike procurement price of Milk from Rs 5 to Rs 6 per litre
01.21 pm: Rs 40 crore earmarked for buying farming equipments
01.20 pm: Rs 1200 crore for providing facilities in government colleges
01.11 pm: Rs 150 crore package for pomegranate growers
01.10 pm: Rs 5 crore for Karnataka seed development corporation
01.09 pm: Rs 7500 per hectare for paddy cultivation in coastal region
01.08 pm: Rs 35 crore earmarked for organic farming and Rs 145 crore for Israel model of agriculture
01.06 pm: State growth rate GDP to be 9.6% and agriculture growth likely to be 4.8%
01.04 pm: Rs 29,000 crore earmarked for SC/ST allocation
1.01 pm: Rs 8015 crore for modernisation of Bengaluru
12.59 pm: Senior citizen pension hiked from Rs 600 to Rs 1000
12.58 pm: Over Rs 1.02 lakh crore earmarked for development of Bengaluru
12.57 pm: Arogya Karnataka scheme to be merged with Ayushman Bharat project
12.56 pm: BJP stages walkout amid budget presentation
12.40 pm: CM Kumaraswamy presents the state budget amidst ruckus.
12.25 pm: Will petition before the assembly speaker to suspend the four dissenting Congress MLAs, Siddaramaiah
12.10 pm: Former CM Siddaramaiah addresses press conference and says that action would be taken against four absent MLAs
12.05 pm: CM Kumaraswamy addresses second press meet
12.04 pm: Congress state president Dinesh Gundurao lashes out at Modi government
11.58 am: Listen to the audio that has exposed your party's 'Niyat', Mr Modi, tweets Siddaramaiah
11.57 am: Former CM Siddaramaiah tags PM Modi in his tweet after HDK releases audio tape against BJP and B S Yeddyurappa that they lured JD(S) MLA Naganagowda's son Sharanagowda.
11.27 am: If allegations against me are proved, I am ready to quit politics, says Yeddyurappa
11.25 am: We will allow the state government to table the budget and participate in the debate. 10 to 11 Congress and JD(S) MLAs will not participate in the budget session, says BSY
11.01 am: Allegation by the CM against me is far from the truth. Audio released by Kumaraswamy government is fake, says BSY in counter-attack
10.36 am: Advocate R L N Murthy files complaint against Yeddyurappa, Malleshwaram BJP MLA, Ashwath Narayan and others at Vidhana Soudha police station allegedly for poaching MLAs. He alleged, "BJP has committed an offence of kidnapping and wrongful confinement of some members of legislative assembly, not allowing them to participate in budget session 2019."
10.33 am: BSY made an offer of Rs 25 lakh and ministerial post to my father, says Sharanagowda
10.30 am: BJP chief B S Yeddyurappa lured JD(S) MLA Naganagowda's son Sharanagowda, alleges CM
10.20 am: Coalition government releases audio evidence exposing alleged 'Operation Kamala' by the BJP. Audiotape reportedly contains details of offer made by BJP to coalition MLAs.
10.10 am: "On one side PM Modi is preaching to the country and politicians, on the other side, he is encouraging his friends to demolish democracy through black money. I will expose this now, I have the proof to back my charge," says CM
10.05 am: CM claims BJP tried to lure MLAs. "I have proof of bribes offered by the BJP. What Yeddyurappa is doing is unacceptable," says CM
10.02 am: CM addresses an emergency press meet at his official residence. "It is unfortunate that PM Modi continues to mislead the nation from the Temple of Democracy- the Parliament," says CM
Bengaluru, Feb 8: Chief Minister HD Kumaraswamy is scheduled to present budget for the next fiscal (2019-20) on Friday, February 8.
CM is believed to be readying bagful of sops to woo different sections of the people, especially farmers, in view of coming Lok Sabha polls.