Karnataka Budget 2024 Highlights: Chief Minister Siddaramaiah presented the budget for the fiscal year 2024 in the state legislature, delivering a three-hour-long speech, setting a record. The budget allocated for this fiscal year is ₹3.71 lakh crore, a significant increase from the previous year’s ₹3.27 lakh crore budget.
One of the major announcements in the budget speech is the digitization of property taxes, with a target of ₹6,000 crore in the fiscal year 2024-25. The Chief Minister stated that digital accounts will be maintained for the property taxes of 20 lakh properties in Bengaluru. He highlighted that Bengaluru witnessed a record tax collection of ₹4,300 crore in the current fiscal year, marking an increase of ₹1,000 crore from the previous year.
The budget also focuses on various welfare schemes, with the Chief Minister emphasizing the “Guarantee” schemes, which transfer an average of ₹50,000 to ₹55,000 per family annually. Through five such schemes, the Karnataka government aims to transfer ₹52,000 crore to millions of people. Additionally, all services provided by the Excise Department will be digitized.
Several sectors receive significant allocations in the budget, including ₹23,159 crore for the energy sector and funds for the modification of the APMC Act. Furthermore, ₹200 crore is allocated to increase groundwater levels under the Krishi Bhagya scheme, and ₹20 crore is allocated for mini fodder kits to alleviate drought severity.
The tourism policy, initially drafted for the period 2020-2025, will be revised to attract more tourists and investors for the period 2024-2029. As part of promoting adventure tourism, cable car ropeways will be installed at ten tourist destinations under the PPP model. Additionally, with the support of the Indian government, a Science City will be established in Bengaluru at a cost of ₹233 crore.
Moreover, a modern sports city with international standards will be developed on 70 acres of land in northern Bengaluru under a public-private partnership.
To foster entrepreneurship, the Karnataka government will initiate three programs for startups. The Rajiv Gandhi Entrepreneurship Program will provide financial support for the initial phase, encouraging new initiatives and nurturing ideas and innovations. The state will also allocate five acres of land for the C-Camp Agri Innovation Park to promote agricultural startups. Furthermore, a new initiative will be launched to support women entrepreneurs in the initial phase with sector-specific and targeted support.
Overall, the Karnataka Budget 2024 reflects a comprehensive approach towards economic development, welfare schemes, infrastructure enhancement, and fostering entrepreneurship and innovation.
The Karnataka Budget 2024 underscores the government’s commitment to economic growth, social welfare, and infrastructure development. One of the key focuses of the budget is on digitization, evident from the digitization of property taxes and the move towards digital services in various departments, including the Excise Department.
The emphasis on welfare schemes, particularly the “Guarantee” schemes, demonstrates the government’s efforts to provide financial assistance and support to families in need. By transferring significant sums through these schemes, the government aims to uplift millions of people and improve their quality of life.
Allocations for crucial sectors such as energy, agriculture, and tourism indicate the government’s intent to address key challenges and harness opportunities for growth. Investments in the energy sector will help meet the increasing demand for power and promote sustainable energy sources. Similarly, initiatives like the Krishi Bhagya scheme aim to improve agricultural productivity and mitigate the impact of droughts on farmers.
The revision of the tourism policy and the establishment of a Science City and a modern sports city highlight the government’s focus on promoting tourism, innovation, and sports infrastructure. These initiatives are not only expected to boost economic activity but also enhance the state’s image as a hub for tourism and innovation.
Furthermore, the support for startups, particularly through programs like the Rajiv Gandhi Entrepreneurship Program and initiatives for women entrepreneurs, underscores the government’s commitment to fostering entrepreneurship and innovation. By providing financial support, infrastructure, and targeted assistance, the government aims to create a conducive environment for startups to thrive and contribute to economic growth and job creation.
In conclusion, the Karnataka Budget 2024 reflects a holistic approach towards addressing the state’s socio-economic challenges and leveraging opportunities for growth and development. Through strategic investments, welfare schemes, and initiatives to promote innovation and entrepreneurship, the government aims to build a prosperous and inclusive Karnataka.