A lower outlay may affect some key projects (AFP photo)
BENGALURU: Karnataka’s economy is thought to be contracting by 12 per cent, and the estimated gross state domestic product (GSDP) is expected to be revised downward by about Rs 2 lakh crore ahead of the 2021-22 budget. Chief minister BS Yediyurappa, who holds the finance portfolio, has started preparations for the budget that will be unveiled in March.
Officials in the finance department said that putting together new estimates in the wake of slowing growth was a challenge.
The revenue estimate has already been changed from Rs 1.7 lakh crore to Rs 1.1 lakh crore in the supplementary budget tabled in the assembly, and now, the GSDP is likely to be revised from Rs 18 lakh crore to Rs 15.8 lakh crore. “The planning department is working on the numbers. While GSDP is expected to be decreased by 12 per cent, the estimated revenue will be downgraded by about 35 per cent,” said a senior finance official.
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Explainer: Why Budget 2021 is crucial for public school education in India
The country spent only 3.1% of its GDP on education in 2019-’20 against the 6% recommended by every national policy since 1968. Representational image. | PTI
India needs to spend 6% of its gross domestic product on education, every national education policy since 1968
has said. In 2019-’20, 52 years since that recommendation, India spent only 3.1% of its GDP on education, the 2019-’20
One of the results of this underspending on public education is that over 10 lakh government schools, where over half (
52%) of India’s nearly 24.8 crore children study, have remained poorly funded. This is among the reasons why learning outcomes in India have been so poor, say experts.