The
State’s Budget was introduced in Parliament by the Union
Finance Minister, Mr P. Chidambaram, on Monday. Besides
placing the annual financial statement for 2008-09 before
the Lok Sabha, Mr Chidambaram also sought a “vote on
account”, for the first six months of the financial year
2008-09, for Rs 29,027.30 crore.
Karnataka
has been under the President’s rule since November 20,
2007 after the BJP Government-headed by Mr B.S.Yeddyurappa
failed to prove majority on the floor of the State
legislature. Indications are that Karnataka may go in for
Assembly polls by end-May 2008. This is the second time the
State’s Budget is being tabled in Parliament; the first
was in 1971.
For
2008-09, the revenue receipts have been estimated at Rs
46,188.70 crore. The State’s share of Central taxes,
duties and grants-in-aid from the Centre adds up to Rs
12,811.12 crore. The revenue expenditure is projected at Rs
43,216.05 crore, leaving a revenue surplus of Rs 2,972.65
crore.
On
the capital account, the receipts are estimated at Rs
9,273.45 crore and the expenditure at Rs 13,326.09 crore.
After accounting for transactions in the public account and
the opening balance, the closing balance in 2008-09 is
estimated at Rs 92.27 crore. These estimates reflect a
revenue surplus of 1.19 per cent and a fiscal deficit of
2.84 per cent of Gross State Domestic Product.
The
State Plan outlay for 2008-09 is estimated at Rs 21,751
crore, higher than the current year’s outlay of Rs
17,782.56 crore. The central assistance in the form of
grants to the State plan has been projected at Rs 2,058.04
crore and the State’s own resources, including loan from
various sources are projected at Rs 19,693 crore.
Sour
