Karnataka Budget 2023: What to expect from CM Siddaramaiah

The budget that Chief Minister Siddaramaiah will announce today will make history. He will be remembered for proposing the state's largest budget. The chief minister has presented 13 budgets. Siddaramaiah, who surpassed Ramakrishna's record, will make history on Friday by delivering the 14th budget.  

Chief Minister Siddaramaiah will present the budget for 2023-24 today (Friday), amid pressure to set up funds for five guarantee projects, the need to allocate funds for large irrigation projects such as Ettinahole, Mekedatu, Krishna-Bhadra Upper Bank, Alamatty, raise staff salaries and improve the state's financial situation are attired.

While the budget, which will be presented at noon today, is unlikely to include any popular programmes other than the guarantee schemes, a large announcement for informal employees such as delivery boys is possible. 

Furthermore, the regional development funds of MLA constituencies may be reduced to pay the guarantee load. likewise, there may be an increase in company and service taxes, as well as an increase in the property registration charge. Additionally, Siddaramaiah would aim to maintain financial discipline by limiting excessive lavish spending
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As a result, it has been agreed to offer a budget that focuses more on revenue generation and reserves available financial resources only for important infrastructure and development projects. Former Chief Minister Basavaraja Bommai proposed a budget of 3.09 lakh crore for the fiscal year 2023-24. Siddaramaiah has already suggested that the budget to be increased to Rs 3.33-3.35 lakh crore. 

However, even this historic success is due to the state's financial situation, which is in a spiral of debt and declining, to adjust the money for the guarantee schemes, in order to comply with the pledges made in the manifesto.

It has sparked speculation about how will it cope with the challenge of collecting resources to meet the deadline. 

Invading people's pockets:

The income mobilization required for the 2023-24 budget is unfeasible from the state's unique revenue sources. As a result, it is unavoidable to resort to methods such as raising the business-service tax, getting extra loans, increasing the guide value of properties through registration, and increasing stamp duty revenue. This may impose an indirect burden on the general people.

No matter how much pressure may be mounted on the government, it will be another record for Siddaramaiah if the budget is delivered without directly or indirectly burdening the public. Because Annabhagya, Shakti, Gruha Jyoti, Gruha Lakshmi, and Yuvanidhi are all five annual guarantee plans of 60 thousand crores. 

As of now, 42,000 crores have been spent in the current fiscal year as 4 months has already passed.  In comparison to Bommai's budget, it became necessary to set aside this sum in excess of 65,304 crore for staff salaries and pensions each year. 
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Meanwhile, wage increases should be implemented based on the 7th Pay Commission's report in the same year. Furthermore, additional funds must be granted for the irrigation project.

They will attempt to obtain from the central government the GST share, GST arrears, and 15th Finance Commission dues. There is also the potential of attempting to use all of the grants from the centre at each step.