“State economy is estimated to grow at 6.6 per cent (constant prices) in 2023-24”, says Karnataka CM Siddaramaiah

Bengaluru (Karnataka) [India], February 17 (ANI): Karnataka Chief Minister Siddaramaiah unveiled the state’s financial roadmap for the fiscal year 2024-25, with a budget outlay of Rs 3.71 lakh crore.

The Chief Minister highlighted that Karnataka’s economy is estimated to grow at 6.6 per cent in FY 2025, despite challenges posed by external factors.

CM Siddaramaiah’s 15th budget address showcased a commitment to address pressing issues faced by the state, ranging from traffic congestion to water scarcity, and emphasized the importance of inclusive development.

The budget outlined a comprehensive roadmap for economic development, infrastructure enhancement, social welfare, and the promotion of emerging sectors.

CM Siddaramaiah said, “It is my privilege to present my 15th budget on the occasion of 75 years of India becoming a Republic.”

The Karnataka government has earmarked Rs 5,550 crore for the implementation of the Cauvery Phase-5 project, aimed at supplying drinking water.

According to the budget document, the Bengaluru Water Supply and Sewerage Board is scheduled to activate the project in May 2024, boasting a capacity of 775 MLD.

The initiative aims to deliver 110 litres of drinking water daily to 12 lakh people, with the estimated cost mentioned in the budget document.

A collaboration with the Japanese government will see the implementation of an Area Traffic Signal Control System at 28 key intersections in Bengaluru.

Utilizing cutting-edge technology, this system aims to decrease vehicle congestion at traffic signals by 30 per cent and reduce average delays by 13 per cent, as outlined in the budget statement.

The Chief Minister, Siddaramaiah, has declared an allocation of Rs 15,611 crore for Namma Metro Phase-3 as part of efforts to enhance public transportation in the densely populated city of Bengaluru.

The State Government has granted administrative approval for the Phase-3 works, estimating a cost of Rs 15,611 crore, pending approval from the Central Government.

Additionally, plans include the incorporation of 1,334 new electric buses and 820 diesel buses into the Bengaluru Metropolitan Transport Corporation’s (BMTC) fleet in the near future.

Infrastructure projects in Bengaluru, such as the Skydeck and Namma Metro, are receiving a boost.

According to the budget document, renowned international architects have been invited to design a distinctive 250-meter-high skydeck in Bengaluru, anticipated to become a prominent tourist attraction in the city.

Furthermore, the Chief Minister announced an expansion of the metro system, with an additional 44 km of metro line to be added to the existing 74 km by March 2025.

Highlighting the significance of the Namma Metro Rail project as one of the country’s premier metro services, he emphasized its crucial role as the backbone of Bengaluru’s transportation network, serving over eight lakh people daily.

Expectations for Bengaluru in the upcoming year include the construction of all-weather roads and the initiation of the Peripheral Ring Road (PRR) project, estimated at Rs 27,000 crore.

The government plans to utilize the canal buffer zone to build all-weather roads in the city. As part of this initiative, a 100 km road is already under development at a cost of Rs 200 crore, with an additional 100 km of roads slated for construction in the current year.

Simultaneously, the government aims to commence the PRR project, proposing the construction of a 73-km road at a cost of Rs 27,000 crore, using the Public-Private Partnership (PPP) model.

The official budget document outlines the commencement of this project within the year.

Siddaramaiah is honing in on the enhancement of ‘Brand Bengaluru,’ with a primary focus on alleviating traffic congestion, constructing high-quality roads, ensuring a clean water supply, and improving public transportation to create a more pristine and attractive Bengaluru in the current year.

The key initiatives include- The completion of white-topping major roads covering a length of 147 km at a cost of Rs 1,700 crore by December 2025, the implementation of underground tunnels on a trial basis at the notorious Hebbal junction, known for its substantial traffic congestion, the proposition to reposition the Peripheral Ring Road (PRR) as the Bengaluru Business Corridor, aiming to mitigate traffic congestion and foster extensive economic activities.



Please enter your comment!
Please enter your name here