Chidambaram presents Karnataka Budget in Lok Sabha

New Delhi, Mar 10 (UNI) Finance Minister P Chidambaram today presented the Karnataka Budget 2008-09 in the Lok Sabha, showing the estimated receipts and expenditure for the year and seeking a vote on account for six months for meeting the expenses of the state which is under President's rule.

According to Mr Chidambaram, Karnataka is expected to have a closing balance of Rs 92.27 crore at the end of 2008-09, reflecting a revenue surplus of 1.19 per cent and a fiscal deficit of 2.84 per cent of GSDP.

The Budget Estimates place the revenue receipts at Rs 46,188.70 crore, while 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.

The plan outlay for the year is estimated at Rs 21,751 crore which is substantially higher than the current year's outlay of Rs 17,782.56 crore. The increase is due to hike in allocation for agriculture, rural development, education, water supply and sanitation, housing, urban development, welfare of SCs, STs and OBCs and social security and welfare sectors.

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.

The regular Budget is expected to be presented in the state assembly by the government that will be elected in the next few months.

Mr Chidambaram also presented the supplementary demands for grants for the state for 2007-08.

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