Karnataka Chief Minister Siddaramaiah on Monday said a total of Rs 59,000 crore to Rs 60,000 crore is required annually, for the implementation of Congress' five poll 'guarantees'.

He said, the fresh budget of the new Congress government, which he will be presenting on July 7, is likely to be of the size Rs 3,35,000 crore.

The Chief Minister, who also holds the finance portfolio, was speaking after inaugurating the training camp organised for the newly elected MLAs of the 16th Legislative Assembly.

"The first budget after independence was twenty-one crore three lakh rupees, today it is about three lakh nine thousand crore rupees. I will be presenting a new budget on July 7 it may be (of the size) three lakh thirty to thirty-five thousand crore rupees," Siddaramaiah said.

Addressing the newly elected legislators, he said, "The present budget is around three lakh nine thousand eight hundred and ninety-six crore rupees, as I'm implementing five guarantees, I will have to provide rupees forty thousand crores for it, for the remaining period. A total of fifty-nine thousand to sixty thousand crore rupees is required for five guarantees."

Noting that the previous BJP government had presented a budget in February by taking a vote on account for four months, the CM said, the budget he will be presenting on July 7 will come into force from August 1.

Urging the legislators to try to learn and understand budgets, he also asked them to learn about taxation, stating the rich should be taxed, not the poor. ?

The five guarantees are up to 200 units of free power to all households (Gruha Jyoti), Rs 2,000 monthly assistance to the woman head of every family (Gruha Lakshmi), 10 kg of free rice to every member of a BPL household (Anna Bhagya), Rs 3,000 every month for unemployed graduates and Rs 1,500 for unemployed diploma holders, both in the age group of 18-25 (YuvaNidhi), and free travel for women in public transport buses (Shakti).

While the government has already launched the scheme which will provide free travel for women in public transport buses, the other four schemes are in various stages of implementation, and the timeline has already been fixed for their rollout.

Speaker of the Assembly U T Khader, Chairman of Legislative Council Basavaraja Horatti, Housing Minister Zameer Ahmed Khan, and Assembly Secretary M K Vishalakshi was present at the inaugural of the training.

The Legislature Session is scheduled from July 3 to 14.

Suggesting that MLAs and MPs should understand the "meaning" of budget, the CM said, "In the 12th century, 'Kayakayogi' Basavanna spoke about budget. 'Kayaka' and 'Dasoha' are the key factors of the budget. Kayaka means production, Dasoha means sharing."

He explained that the value of the budget is just understanding where the production is and to whom we distribute it in society.

The Assembly is the temple of democracy, Siddaramaiah said, as he called upon legislators to raise people’s problems effectively in the Lower House and develop a mindset to seek solutions.

Those who do not read and understand the Constitution cannot become good legislators and parliamentarians, he said, "So read the Constitution and understand its basic principles and objectives."

"We made the rules of the House ourselves. He said that if you read and understand it properly, people's problems can be brought before the house properly...We cannot make laws contrary to the Constitution. Therefore, reading the Constitution is essential," he said.

Out of 224 MLAs, 70 have entered the Legislative Assembly for the first time. Former MP and former Union Minister K H Muniyappa (now a minister in state government), and former Minister and mining baron G Janardhana Reddy are among them.