Karnataka Government's Plan to Borrow Rs 1 Lakh Crore Criticized by LoP R. Ashoka
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Synopsis
Karnataka's Leader of the Opposition, R. Ashoka, has condemned the state government's plan to borrow Rs 1 lakh crore again in the upcoming budget, citing a significant drop in revenue and a concerning shift towards increased debt.
Key Takeaways
- Karnataka may borrow Rs 1 lakh crore in the new budget.
- There has been a 20% decline in government revenue.
- Allegations of corruption linked to the Congress government.
- Concerns over rising costs impacting the citizens.
- Preparation for a Rs 4 lakh crore budget in March.
Tumakuru, Jan 22 (NationPress) Karnataka's Leader of the Opposition (LoP) R. Ashoka has criticized the state government, asserting that it intends to borrow Rs 1 lakh crore in the upcoming budget once again.
During a press conference, he referred to a statement from the Secretary of the Finance Department, indicating a 20 percent drop in government revenue.
“The government plans to borrow Rs 1 lakh crore in this budget. Under the BJP's rule, balanced budgets were achieved without resorting to loans. Since the Congress took charge, Karnataka has become a state burdened with debt. They are leading the state towards a position where it may need to rely on others for assistance, similar to Kerala,” he asserted.
He also mentioned that Chief Minister Siddaramaiah appears to be an outgoing leader with minimal concern for current issues, stating that some MLAs have expressed suicidal thoughts due to the absence of grants.
“This situation has reportedly sparked disputes during Congress meetings,” he added.
He argued that there has been no significant development under the Congress government, with even Congress MLAs acknowledging this reality, while serious issues like bank robberies, animal cruelty, and sexual assaults persist.
“Amidst these challenges, questions are raised about the funding for the Belagavi convention where the Congress government promoted the slogans ‘Jai Bapu, Jai Bhim, Jai Samvidhan’,” he stated.
He alleged that funds garnered through corrupt practices were utilized for this event.
“Currently, by increasing prices, the government has imposed an extra burden on the citizens. Initially, they promised no new taxes, yet they have ultimately shifted the financial load onto the people,” he remarked.
Meanwhile, Chief Minister Siddaramaiah has selected Harvard graduate Ritesh Kumar Singh to lead the Finance Department in anticipation of the 2025-26 Budget.
Sources indicate that the state government faces challenges regarding expenditures on five guarantee schemes touted as the Congress party's flagship initiatives nationally.
Nevertheless, Congress legislators and ministers support allocating funds for development, infrastructure enhancements, and the growth of Bengaluru and other major cities in the state.
Reports suggest that Siddaramaiah is preparing to present the 2025-26 budget in March, which is expected to amount to Rs 4 lakh crores. This will mark Siddaramaiah’s 16th budget as Finance Minister.
Previously, Siddaramaiah presented a budget of Rs 3.71 lakh crore for 2024-25. The state government allocates Rs 52,000 crore annually for the five guarantee schemes.
