Karnataka Chief Minister Siddaramaiah presented 'Guarantee Budget'

Karnataka Chief Minister Siddaramaiah presented the 'Guarantee Budget'

 In a bid to promote inclusive growth, Chief Minister Siddaramaiah presented a welfare- focussed budget for the benefit of the common man by restarting several discontinued schemes and offering interest-subsidy loans to the marginalized.

 Mr. Siddaramaiah in his 14th budget allocated ₹35,410 crore to implement the "Guarantee Budget", which seeks to implement five guarantees made to voters during assembly elections, which will benefit 1.3 crore families.

 To raise resources to finance the guarantee, the budget proposes to hike excise duty on Indian-made liquor by 20% and beer by 10% across all 18 slabs.

 It proposes to revise the guidance value of all fixed assets and set higher targets for revenue mobilization for all income-generating departments. He proposed to increase borrowings from ₹72,090 crore to ₹86,068 crore in 2022-23, an increase of ₹13,979 crore, an increase of 19%.

"Guarantee Budget"

 The size of the budget has increased from ₹2,65,720 crore in 2022-23 to ₹3,27,747 crore in 2023-24, an increase of ₹62,027 crore, an increase of 23%. Mr. Siddaramaiah said that the government will endeavor to increase the state's GSDP from 13% to 17% by expanding the scope of all key sectors to make the state's economy a trillion-dollar economy.

 A whopping amount of ₹70,427 crore has been earmarked for women and child welfare, ₹34,294 crore for SC and ST sub-plan, and ₹5,000 crore for Kalyana Karnataka.