Siddaramaiah set to present Karnataka’s historic 16th budget in March

Karnataka Chief Minister Siddaramaiah, who also holds the finance portfolio, is gearing up for the presentation of his 16th state budget in March. Tentatively scheduled for March 14, 2025, this will mark another milestone in his tenure. Siddaramaiah holds the record for presenting the most budgets in Karnataka, having already presented his 14th budget in July 2023 after the Congress government took office. His 15th budget for 2024-25 was presented in February 2024.

With the upcoming 16th budget, Siddaramaiah is on track to surpass the record of Gujarat’s Vajubhai Vala, who presented 18 budgets as Gujarat’s finance minister. Siddaramaiah’s budget will also be historic for another reason: it is expected to cross the Rs 4 lakh crore mark, a first in Karnataka’s history. Estimates suggest the budget will be around Rs 4.1 lakh crore, marking an increase of over 10% from the previous fiscal year’s Rs 3.7 lakh crore.

Economic adviser to the CM, Basavaraja Rayareddi, emphasized that the state’s growing economy and strong revenue collection will support this increase. Karnataka’s tax collection is set to exceed its target of Rs 1.9 lakh crore, while funds from central tax devolution and grants are expected to rise significantly.

Siddaramaiah is also preparing for a review meeting of revenue-generating departments and could present the budget as early as February, following the Union budget scheduled for February 1.
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