Ministry of Finance (Karnataka)
| ಕರ್ನಾಟಕ ಹಣಕಾಸು ಇಲಾಖೆ | |
| Ministry overview | |
|---|---|
| Formed | 1 May 1956 |
| Jurisdiction | Government of Karnataka |
| Headquarters | Vidhana Soudha, Bengaluru |
| Annual budget | ₹3.71 lakh crore (2025-26)[1] |
| Minister responsible | |
| Ministry executive |
|
| Website | finance |
The Ministry of Finance (Hindi: ಕರ್ನಾಟಕ ಹಣಕಾಸು ಇಲಾಖೆ) is a ministry within the State Government of Karnataka concerned with the economy of Karnataka, serving as the Treasury of Karnataka.
Overview
Established after the States Reorganisation Act, 1956, the department gained statutory authority under the Karnataka Fiscal Responsibility and Budget Management Act, 2002.[2]
The department is structured into three wings; the Budget wing prepares annual state budgets, the Treasury wing manages ₹1.2 lakh crore transactions annually,[3] and the State Taxes wing oversees annual revenue of ₹80,000 crore.[4]
Key functions of the department include formulation of state economic policies, administration of ₹3.71 lakh crore budget (as of 2025),[1] and implementation of the KPFMS digital platform.[5]
The 2023 Comptroller and Auditor General report noted that 32 percent of scheme funds were unutilized, there were FRBM norm violations in off-budget borrowing, and that there were implementation delays in the KPFMS digital platform.[6]
Improvement measures include, in 2023, monthly spending reviews, and a forty percent reduction in approval layers.[7]
References
- ^ a b "Karnataka Budget 2025 Live Updates". Financial Express. 7 February 2025.
- ^ "About Us". Finance Department.
- ^ "Treasury Dashboard". Finance Department.
- ^ "Karnataka tax collection grows 15%". Deccan Herald. 20 July 2023.
- ^ "Karnataka launches e-Budget system". Deccan Herald. 15 January 2022.
- ^ "CAG Audit Report". Comptroller and Auditor General. 2023.
- ^ "Karnataka cuts budget red tape". Times of India. 15 September 2023.