Karnataka Chief Minister Siddaramaiah on Friday presented the state's Budget for the financial year 2024-25 in the Legislative Assembly. 

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The Budget for the next financial year, which begins on April 1, contained an increased allocation of Rs 1,20,373 crore for welfare programmes. 

While presenting the Budget in the state Assembly, Siddaramaiah said the state government is marching ahead towards setting a new example of the Karnataka Model of Development founded on the principles of justice, equality and fraternity enshrined in the Constitution.

Siddaramaiah claimed that the state government incurred a loss of Rs 59,274 crore due to "unscientific implementation of GST" by the Centre over the past seven years. He also said that Karnataka is the second-highest source of GST collections in the country. 

The CM said that through five guarantee schemes, the state government will put Rs 52,000 crore in the hands of crores of people in the financial year ending March 2025.

He also announced revisions in the tax slabs applicable to Indian Made Liquor (IML) and beer.

The Karnataka Chief Minister strongly defended the state government's guarantee schemes, asserting that they are not "election gimmicks". 

With inputs from agencies