Karnataka CM earmarks Rs 12750 Cr towards Loan waiver scheme

Karnataka CM earmarks Rs 12750 Cr towards Loan waiver scheme

Agency News

Bengaluru, Feb 8 : Karnataka Chief Minister H D Kumaraswamy, who presented Rs 234,153 crore budget for the year 2019-20 has earmarked Rs 12,750 Crores towards farm loan waiver scheme.

Mr Kumaraswamy, who presented the budget amidst walkout by Opposition BJP members in the House, has earmarked Rs 46,853 Crore, including about Rs 17000 Crore for Major and Minor irrigation projects.

While the total expenditure is expected at Rs 234153 Crore, it was estimated a total revenue expenditure of Rs 181863 Crore and a capital expenditure of Rs 42584 Crore and earmarked another Rs 9964 Crore for repayment of loans and advances.

While the estimated total revenue receipt of the state accounts for Rs 230738 crores, it includes a revenue receipts of Rs 181863 Crore and capital receipts of Rs 48876 Crore, besides a public debt of Rs 48601 Crore.

Chief Minister, in his address, demanded the Union government for adequate compensation up to the year 2024-25 under the Compensation to the States Act, if the revenue gap is not bridged under Goods and Services Tax.

While he set a target of Rs 76406 crore for Commercial taxes Department, it is also proposed to introduce a Comprehensive Karasamadhana Scheme for the reduction of arrears under the Acts administered prior to the introduction of GST.

Under the Stamps and Registration department, Chief Minister had set a revenue collection target of Rs Rs 11,828 Crore target and another Rs 20,950 Crore from the Excise and another Rs 7100 crore target collection of revenue in the Transport department.

For Bengaluru development, Chief Minister had proposed to earmark Rs 23093 crore for developing the Sub-Urban Rail System, and proposed to set up a special Purpose Vehicle (SPV), Bengaluru Rail Infrastructure Development Entity (B-RIDE) under State and Central Government partnership.

The state government has plans to have a Study feasibility of design for Multi Modal Transport Hub at Hebbal, Byappannahalli, K.R.Puram, Kadugodi, Challaghatta and Peenya Area, in Bengaluru urban region.

Mr Kumaraswamy has proposed development of necessary infrastructure for Inter-Modal Integration design in Bengaluru Metro, Rail and TTMC strategically located at Yeshwantapur, Banashankari, Vijaynagar, Peenya, areas.

He earmarked Rs 16,579 crore for Metro line from Central Silk Board junction to the Outer Ring Road-Airport via K R Puram and Hebbal at a cost of Rs 16579 crore beside plans for the construction of pedestrian flyover in Yeshwantapur and Metro Rail Stations. (UNI)