Reeling under the impact of the Covid-induced lockdowns and stringent restrictions to contain the pandemic spread, Karnataka is estimated to have Rs 15,134-crore revenue deficit in fiscal 2021-22, said state Chief Minister B.S. Yediyurappa on Monday.
“The revenue deficit for the ensuing fiscal (2021-22) is estimated to be Rs 15,134 crore while the fiscal deficit is projected to be Rs 59,240 crore, which is 3.48 per cent of the Gross State Domestic Product (GSDP),” said the Chief Minister while presenting the budget for the ensuing fiscal in the Legislative Assembly at Vidhana Soudha here.
The state’s total liabilities for fiscal 2021-22 is expected to be Rs 4,57,899 crore, which is 26.9 per cent of the GSDP.
Presenting his 8th Budget in Kannada, Yediyurappa said total receipts for the coming fiscal are estimated to be Rs 2,43,734 crore, including Rs 1,72,271 crore from revenue and Rs 71,463 crore as capital, with Rs 71,463 crore as borrowings.
“The total expenditure for fiscal 2021-22 is expected to be Rs 2,46,207 crore, including revenue outgo of Rs 1,87,405 crore, Rs 44,237 crore as capital outgo and Rs 14,565 crore for debt repayment.
The total own tax revenue of the state, including Goods and Sales Tax (GST) compensation from the Centre is projected to be Rs 1,24,202 crore.
Admitting that the state’s revenue declined Rs 2,753 crore in fiscal 2020-21, Yediyurappa, who also holds the finance portfolio said revenue receipts as per the revised estimates would be Rs 2,30,381 crore as against the budget estimates of Rs 2,33,134 crore.
“The revenue mobilisation efforts of the state have declined due to the Covid pandemic for 2020-21. As a result, Rs 1,59,709 crore could be collected, out of which own tax revenue is Rs 1,17,782 crore, including GST compensation from the Centre,” said the Chief Minister.
As per the revised budget estimates, the state’s total expenditure for 2020-21 is Rs 2,29,925 crore, which is an increase of 2.6 per cent over the previous fiscal (2019-20).