11-02-23 Daily-Karnataka-KPSC Current Affairs

The State of Karnataka is entering in May 2023. The Interim Budget for 2023-24 was presented by the State CM Basavaraj Bommai. The interim budget is the budget presented ahead of elections. The Government of Karnataka is to set up a startup park near Bengaluru Airport; provide free bus passes to students, toilets in government schools; etc. The total budget outlay was Rs 9,698 crores

Key Highlights of Karnataka Budget 2023-24

Traffic signals are to use AI

She Toilets are to be constructed in Bengaluru

Flood control project to be implemented at a cost of Rs 3000 crores. Assistance received from World Bank

Bengaluru Metro Rail Project: 40.15 km to be constructed

Satellite Town Ring Road to be constructed; 30% of acquisition cost to be borne by State Government

75 new junctions to ease Bengaluru Traffic at Rs 150 crores

Karnataka Economic Scenario

Total Tax Revenue in 2023-24 estimated to be Rs 1,64,653 crores

Total Non-Tax revenue in 2023-24 is expected to be Rs 11,000 crores

Total Expenditure for the year 2023-24 is estimated to be Rs 3,09,182 crores

For the first time after the pandemic, in 2022-23, the revenue receipt was higher than the Revenue Expenditure

Affirming that the union Budget astutely balancesthe requirement of development imperatives within the limits of fiscal prudence, Finance Minister Nirmala Sitharaman said the new tax regime, which offers a rebate on annual income of up to Rs 7 lakh, will leave higher disposable income in the hands of people.

Sitharaman hailed the government’s economic policies during the reply to the Budget 2023 debate in Lok Sabha and asserted despite of global slowdown India is still the fastest-growing major economy.

The government chose capex route to revive the economy as it has a great multiplier effect, she added.

The finance minister said the new tax regime announced in the Budget is “very attractive” as the tax exemption limit has been hiked to Rs 3 lakh, from Rs 2.5 lakh earlier. Besides, a standard deduction of Rs 50,000 too has been allowed under the scheme.

This new tax regime will benefit the majority of middle-class taxpayers, she said, adding that the rebate has been provided on an income of up to Rs 7 lakh.

The Indian Institute of Technology (IIT) Kanpur has developed an energy-efficient compressed air-based pipeline system for transporting coal and Minerals, offering round-the-clock monitoring with considerable in time and costs.

An energy efficient pipeline system for evacuating coal, which accounts for almost 75 per cent of Indias power consumption, will not only save transportation time, but also reduce dust pollution at the mining sites and loading points.

The system is designed to transport coal or slurry from one point to another with compressed air as its energy source. The robot travels at around 120 km an hour and can transport the loaded block to the designated receiving or unloading sub-section continuously.

The country’s first solid waste-to-hydrogenplant will be set up inPuneat a cost of over Rs 430 crore.

The plant will be set up by sustainability solutions provider The Green Billions Ltd (TGBL), who has entered into a 30-year-long agreement withPuneMunicipal Corporation (PMC).

The company will invest Rs 350 crore in setting up the plant and an additional Rs 82 crore will be spent to construct the Storage Facility and support.

The project aims to demonstrate the technological and financial feasibility of waste to hydrogen generation.

Russian state news agencies reported that India received arms worth around $13 billion from Russia in the past five years. Moreover, New Delhi has further placed orders with Moscow for weapons and military equipment exceeding $10 billion.

India accounts for around 20 percent of Moscows current order book and is the worlds biggest buyer of Russian arms. While New Delhi has not openly condemned Russias invasion of Ukraine, Indian Prime Minister Narendra Modi has called for dialogue and diplomacy to solve the conflict.