Karnataka’s economy is on a sound footing and the revenue generation has shown a smart increase of over 27% with revenue from stamps and registrations alone registering a 44% increase for the year 2010-11.
Karnataka’s economy is on a sound footing and the revenue generation has shown a smart increase of over 27% with revenue from stamps and registrations alone registering a 44% increase for the year 2010-11.
Releasing a compact report on the state’s fiscal performance in the just ended financial year (2010-11) on Tuesday, Yeddyurappa said that Karnataka had done much better than most other states in the country in resource mobilisation and fiscal management.
The state’s debt burden, however, has shot up to Rs92,962 crore from Rs86,731 crore in 2009-10. It is an increase of 9.6%. The debt to gross state domestic product ratio had come down to 24.4% from 25.8%, Yeddyurappa pointed out, while stating that the fiscal condition of the state was very sound.
“The total tax collection during 2010-11 has been Rs38,100 crore, which was Rs1,872 crore more than the budget estimates of Rs26,228 crore. The revised estimates for 2010-11 which was Rs38,049 crore has been achieved in full. Commercial tax collection has raised by over 26%.
In the budget estimates, it was expected to touch Rs22,500 crore but the actual collection turned out to be Rs22,700 crore. Like that in excise sector also, there is a rise of 19%. Against the target of Rs7,200 crore, the excise collection stands at Rs8,275 crore. Motor vehicle tax collection has also gone up by 33%” the chief minister explained.
“The real estate sector seems to be on the path to recovery as the collection from stamps and registration duties has shot up by 44% over the previous year. In 2009-10, the stamps and registration revenue was Rs2,628 crore; in 2010-11 we expected it would be Rs3,700 crore, but the actual collection is Rs3,775 crore,” he added.
The 27% growth in commercial tax collection is better than most other states like Maharastra (25%), Tamil Nadu (26%) and Andhra Pradesh (23%).
“The Plan achievement for the year 2009-10 was Rs26,944 crore. The budget estimates for the current year pegged it at Rs31,000 crore. The actual Plan achievement in the current year is expected to be Rs31,750cr, which is an increase of 18% over 2009-10. The Plan achievement has been more than the revised estimates,” he observed.
“As revenue collection increased, expenditure too went up by 14% and the Plan expenditure by 20%. Non-Plan expenditure during 2010-11 has increased by only 11%. The share of Plan expenditure in total expenditure has gone up form 38.6% in 2009-10 to 40.4% in 2010-11. The state has spent Rs4,100 crore on energy sector, irrigation Rs4870 crore, Namma Metro Rs1,050 crore, BWSSB Rs790 crore and BBMP Rs300 crore,” he said.
The chief minister claimed that the fiscal deficit had been contained to 3.35% of GSDP as against 3.44% in the revised estimates.
h_srikanth@dnaindia.net
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