Countdown begins for Karnataka Budget 2023-24. Here’s what to expect!

Karnataka Chief Minister Siddaramaiah is set to present the state budget on Friday, July 7, marking the first budget since the Congress party came to power in the state after the May 10 election.

This budget presentation will be Siddaramaiah’s 14th, making him the finance minister with the highest number of budgets presented. He previously shared the record of 13 budgets with former Chief Minister Ramakrishna Hegde. Siddaramaiah has previously presented six budgets during his tenure as Chief Minister from 2013 to 2018.

The upcoming budget for the 2023-24 fiscal year is expected to address the fulfillment of Congress’ five pre-poll guarantees while also focusing on revenue generation to finance significant announcements.

The budget announcement has garnered attention, particularly as it deviates from the traditional practice of keeping the budget size secret. Siddaramaiah had previously revealed that the budget size would be Rs 3.35 lakh crore, a move that drew criticism from bureaucratic circles. Former Chief Minister Basavaraj Bommai had presented a budget of Rs 3.09 lakh crore in February this year.

There are speculations that the government might eliminate some old schemes to alleviate the burden on the exchequer. It is estimated that Congress’ guarantee schemes alone would cost Rs 60,000 crore annually, but according to some news reports the actual allocations could be around 10-15 percent lower.

The budget is also anticipated to shed light on allocations for Bengaluru, with a focus on transforming the city into a global hub, as promised in the Congress manifesto. Additionally, attention will be given to whether funds will be allocated for the proposed tunnel road project in Bengaluru, aimed at alleviating traffic congestion.

The allocation of funds for projects such as the Mekedatu and Mahadayi projects will also be closely scrutinized.