BENGALURU: Chief Minister Basavaraj Bommai said Karnataka’s economy will bounce back to the pre-Covid stage in the financial year 2023-24 and the state may become revenue surplus by the end of the current financial year.
During his reply to the budget discussion in the council on Friday, which also passed the vote of account, Bommai noted that usually the increase in budget size year-on-year will be about 6-8 per cent, but the state budget had increased by 16 per cent compared to the previous year.
“It was estimated that there will be a revenue deficit of Rs 14,699 crore by the end of this financial year. However, it has reduced to Rs 5,996 crore by January-end and we are expecting that the state may be in a revenue surplus by March. In the coming fiscal year, the state’s economy will bounce back to the pre-Covid times,” he said, adding that Karnataka’s economy was on the right track due to financial discipline maintained by his government.
The CM said Karnataka is in a better position financially compared to many other states. “While states like Kerala and Rajasthan are still reeling under deficit, we have presented a surplus budget. Despite the economic crisis induced by the pandemic, we have sailed through it and have chalked out various schemes for the people of the state,” he said adding that spending on human development, especially on weaker sections of the society, should not be seen as an expenditure, but an investment.
