New Delhi, Mar 11: The Lok Sabha today passed the supplementary demands for grants of the 2008-09 Karnataka budget, projecting a revenue surplus of Rs 2,972 crore after acrimonious exchange across political spectrum in the House in anticipation of the coming assembly elections in the State.
The State is under the President's Rule since November when the State assembly was dissolved and fiscal powers now rests with the Central governemnt. The budget, which was passed by a voice vote after an intensive debate, announced a grant of Rs one crore each for members of the State Legislative Council for local area development. However, no such amount was provided for MLAs as the Legislative Assembly stands dissolved. The budget reflects revenue surplus of 1.19 per cent and fiscal deficit of 2.84 per cent of gross state domestic product. The budget estimates put revenue receipts at RS 46,188.70 crore against projected expenditure of Rs 43,216.05 crore, leaving a surplus of Rs 2,972 crore.
The plan outlay for 2008-09 is Rs 21,751 crore as against Rs 17,782.56 crore for the current fiscal ending March 31.