'ನಾಳೆ ಬಿಎಸ್ವೈ ಬಜೆಟ್': CM BS Yediyurappa To Present Karnataka State Budget On March 8..., Come March 8, Chief Minister B S Yediyurappa will present his eighth budget - arguably one of his toughest, due to the challenges staring at the state in the post-pandemic era. Dwindling revenues of the government and an increase in liabilities will be staring Yediyurappa in the face, which according to experts, will force him to focus on fiscal consolidation and rationalization of expenditure. The first priority of the budget should be to bounce the economy back to 2019-20 levels. Though the CM has promised that the budget will be “a good one,” all fiscal indicators point at the challenge to even reach this modest target set by him. For instance, Karnataka’s own tax revenue -- which is the government’s biggest source of income -- will be less by Rs 35,000 crore. In all, the government’s total receipts will be shy of a whopping Rs 63,753 crore compared to 2020-21 budget estimates. Karnataka was forced to borrow over Rs 80,000 crore during the year, after the Centre raised the borrowing limit from 3% of Gross State Domestic Product (GSDP) to 5%, to finance the lockdown induced revenue shortfall. Though Centre has assured to repay, the state was also forced to borrow around Rs 11,000 crore - eligible to be paid by the Centre as GST compensation. Speaking to DH, Madhusudhan B V Rao, senior research advisor, Centre for Budget and Policy Studies, Bengaluru, said that Karnataka was likely to suffer from lack of funds unless there was a big increase in tax collection. “There is not much room for fiscal manoeuvring in the budget. Any tweak in excise tax on petrol or diesel will result in a huge outrage and the CM too will not be comfortable to raise fuel prices at this juncture,” he said.
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