2023 Karnataka Budget Highlights
Karnataka Chief Minister Siddaramiah presented his 14th budget to the state Vidhan Sabha on Friday. The state government expects total spending of 2,50,933 crores, capital expenditure of 54,374 crores, and debt repayment of 22,441 crores, according to CM Siddaramiah.
The following are the key highlights of the Karnataka Budget 2023
Congress’ five poll guarantees to cost ₹52,000 crore annually
Karnataka Chief Minister Siddaramaiah announced during his budget presentation in the state parliament that the government will provide additional financial aid of 4,000 to 5,000 per month to each household through the five electoral promises promised in the Congress party’s manifesto. The five guarantees will cost the government roughly 52,000 crore per year and are estimated to benefit approximately 1.3 crore families.
Liquor to get costlier
The government of Karnataka has agreed to increase the additional excise duty on Indian Made Foreign Liquor (IMFL) by 20% across all 18 slabs. Beer duty will be raised from 175 percent to 185 percent, according to CM Siddaramaiah.
“Even after increasing excise rates, the price of alcohol in our state would be lower when compared to neighbouring states,” Siddaramaiah said.
With these increases and rigorous enforcement and regulatory measures, the Excise Department’s revenue collection target for 2023-24 is set at 36,000 crore, Siddaramaiah remarked.
Karnataka contributes 11% of its budget on education
The Karnataka government has declared that Education will be granted 37,587 crore, or about 11 percent of the budget, while Women and Child Development will be allocated 24,166 crore, or roughly 7 percent of the budget.
Accident coverage for delivery employees
The Karnataka government has announced a 4-lakh-rupee life and accident insurance policy for e-commerce delivery staff of Swiggy, Zomato, and Amazon, among others. This comprises 2 lakh in life insurance and 2 lakh in accident insurance, and it applies to both full-time and part-time delivery personnel.
“In order to provide social security to ‘Gig Workers’ in the unorganised sector, i.e., those employed as full-time/part-time delivery personnel in e-commerce companies such as Swiggy, Zomato, Amazon, and others, an insurance facility worth Rs.4 lakh will be provided, which includes Rs.2 lakh in life insurance and Rs.2 lakh in accidental insurance.” “The government will bear the entire insurance premium,” CM Siddaramaiah stated.
Namma Metro will receive a budget of 30,000 crore
Karnataka CM Siddaramiah plans to allocate 30,000 crore for the development of BMRCL’s Namma Metro project in an effort to alleviate traffic jams in Bengaluru. The Chief Minister has also announced an investment of Rs. 8,409 crore on Bengaluru’s holistic development.
Karnataka government intends to establish the Christian Development Corporation
The Karnataka government would establish the Christian Development Corporation at a cost of Rs 100 crore each year.
“A Karnataka State Christian Development Corporation will be established, with 100 crore allocated in the current fiscal year,”
