KARNATAKA: On February 10, Governor Thaawar Chand Gehlot will address the Karnataka assembly to kick off the budget session. On February 17, Chief Minister Basavaraj Bommai will submit the state budget. The State Cabinet met on January 20 and made a decision in this regard.
After the Cabinet meeting, Law and Parliamentary Affairs Minister J. C. Madhuswamy had a press conference and said that as this is the first session of the year, the Governor would address a joint session of the State legislature on February 10.
The Minister stated that the Cabinet was considering convening a 15-day budget session. But because most of them will be busy with activities relating to the election, he said, the business advisory committee of the legislature will choose the length of the session based on the opinions of the legislators.
A large number of legislators had favoured early winding up of the State legislature session in Belagavi in December 2022 citing preparations for the Assembly elctions, which are anticipated to be held in March or April.
The benefit of the one-time-settlement (OTS) scheme for outstanding debts owed to the Karnataka State Finance Corporation (KSFC) would now now apply to loans made by the corporation after 2003, the Cabinet determined.
The Minister noted that in the past, this incentive had only been extended to borrowers who had taken out loans through October 31, 2003. "Since OTS is now being offered by several banks, we have chosen to extend such a service. The concessions that will be made this time, however, will not compare to those that were made in the past, said the Minister.
A proposal to enhance the cess that sugar companies are required to collect was approved by the Cabinet. The cess, which is assessed based on the total amount of sugarcane crushed by the companies, hasn't been updated in more than 30 years, said the minister.
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