Besides, the government has proposed to reduce the stamp duty from six per cent to five per cent on conveyance/sale deeds, which the government said, would facilitate the registering public and would also trigger development in the construction industry. "...this budget facilitates a total expenditure of Rs 1,02,742 crore on various development activities and regulatory functions of the Government, which is an increase of 20.42 per cent over the Budget of Rs 85,319 crore in 2011-12", Chief Minister D V Sadananda Gowda said in the Legislative Assembly.
"This is the first time the Budget size has exceeded Rs 1 lakh crore", he pointed out. Revenue surplus is estimated to be Rs 931 crore. Fiscal deficit is expected to be Rs 15,312 crore, which is 2.94 per cent of the GSDP. Recommendations of the official pay committee for government employees would be given effect from Apr 1, Gowda said, adding that the existing dearness allowances and installment due as on Jan 1 this year would be merged in the basic pay and pension along with 22.5 per cent increase.
"The total additional outgo on account of the pay and pension revision is estimated to be Rs 4,450 crore on a full year basis", said Gowda, who also holds the Finance portfolio, as he sought approval for vote on account for the expenditure during the period up to July 31 this year.