Karnataka Chief minister Siddaramaiah is presenting the second state budget for this fiscal worth around Rs 3.3 lakh crore on Friday with the total expenditure at Rs 3,27,747 crore and revenue expenditure at Rs 2,50,933 crore. The capital expenditure for the budget is at Rs 54,374 crore and loan repayment at Rs 22,441 crore, reported ANI.
He also added that the Gross State Domestic Product (GSDP) has increased by 7.9 per cent in 2022-23.
The Karnataka CM relaunched the Krishi Bhagya Scheme in convergence with Mahatma Gandhi National Rural Employment Guarantee scheme with an allocation of Rs 100 crore.
Siddaramaiah announced a new Nevodyama scheme with an allocation of Rs 10 crore to encourage farmers to produce on the lines of Nandini.
In order to strengthen the Farmer producer organisations 100 FPOs in the backward talukas will be given financial assistance, Rs 5 crore will be provided to support agri-based start-ups and micro food processing entrepreneurs and 300 new high tech harvester hubs would be set up.
The CM during his budget presentation announced a new scheme named 'Horticulture for Students' to provide practical knowledge to high school students. He also said Rs 5 crore would be allocated for disease control of horticultural crops.
APMC Act withdrawn
The government of Karnataka has withdrawn the APMC Act that reduced revenue of APMCs in the state, said CM Siddaramaiah.
He increased the short-term zero interest loan to Rs 5 lakh and the medium long-range loans at three per cent interest has been increased to Rs 15 lakh. The interest subsidy of up to 7 per cent bank loans has also been increased to Rs 20 lakh for farmers to construct godowns.
The government will also invest Rs 50 crore to rent advanced equipment and machinery for the agriculture sector.
The Karnataka government has allotted Rs 10,460 crore to the Food department and Rs 100 crore has been given for the Indira canteen scheme for development of existing canteen.
This is the first budget after the Congress government assumed power in the state with a landslide victory in assembly elections. This is the seventh budget by Siddaramaiah as a chief minister. He had presented six budgets during his tenure as Karnataka chief minister between 2013 and 2018.
Focusing on water resources the government has introduced 10 new irrigation projects with a cost of Rs 940 in addition to the existing projects.
The budget for the water resource department is at Rs 20,00 crore. The CM of Karnataka said that the estimated cost of approved works is five times more than the allocation.
He also added that the approved projects in the Water Resource Department till April 1 require Rs one lakh crore and in the last 6 months Rs 25,548 crore worth projects were approved.