Karnataka Budget 2023: Key highlights from CM Siddaramaiah’s 14th budget

Karnataka CM Siddaramiah presented his 14th budget in the state Vidhana Soudha on Friday. CM Siddaramiah informed that the state government is expecting a total expenditure of   ₹2,50,933 crores, a capital expenditure of ₹54,374 crore and loan repayment of ₹22,441 crores is expected. 

Also Read: Karnataka budget 2023 Live Updates

Here are the top highlights from the Karnataka Budget 2023: 

1) Congress' five poll guarantees to cost ₹52,000 crore annually: 

Karnataka CM Siddaramaiah while presenting the budget in the state assembly informed that government will provide an additional financial aid of ₹4,000 to ₹5,000 a month to each household through the five poll guarantees promised in the Congress party's manifesto. The five guarantees will cost the exchequer approximately ₹52,000 crore annually and are expected to benefit around 1.3 crore families

2) Liquor to get costlier: 

Karnataka government has decided to hike the additional excise duty on Indian Made Foreign Liquor (IMFL) by 20% on all 18 slabs. CM Siddaramaiah informed that the duty on beer will be increased from 175 percent to 185 percent.

"Even after the increase in excise rates, the price of liquor in our state would be lower when compared to the neighbouring states," Siddaramaiah noted.

With these hikes and effective enforcement and regulatory measures, the revenue collection target for the Excise Department for the year 2023-24 is fixed at ₹36,000 crore, Siddaramaiah added.

3) Karnataka allocates 11% of budget for Education:

Karnataka government has announced that Education will be allocated ₹37,587 crore or almost 11 percent of the budget on Education while ₹24,166 or around 7 percent of the budget was been allocated for Women and Child Development.

4) Accidental insurance for delivery executives: 

Karnataka govt announces life and accident insurance of ₹4 Lakh to e-commerce delivery employees working with Swiggy, Zomato, Amazon etc. This includes ₹2 lakh life insurance and ₹2 lakh accident insurance and covers both full-time and part-time delivery persons.

“In order to provide social security to the ‘Gig Workers’ in the unorganised sector, i.e., employed as full time/part time delivery personnel in e-commerce companies like Swiggy, Zomato, Amazon, etc., insurance facility of total of RS.4 lakh will be provided which includes, life insurance of Rs. 2 lakh and accidental insurance of ₹2 lakh. The entire insurance premium will be borne by the government," CM Siddaramaiah noted.

5) ₹30,000 crore allocated to Namma Metro: 

In a bid to ease the traffic issue in Bengaluru, Karnataka CM Siddaramiah has allocated ₹30,000 crore for the development of BMRCL's Namma Metro project. The Chief Minister has also announced ₹8,409 crore for the comprehensive development of Bengaluru city.

6) Karnataka government to set up Christian Development Corporation: 

Karnataka government will set up Christian Development Corporation at a cost of ₹100 crore annually. 

“Karnataka State Christian Development Corporation will be established for which ₹100 crore will be provided in the current year",