Mysuru (Karnataka), March 7 (NationPress) Chief Minister Siddaramaiah of Karnataka addressed the media on Saturday, asserting that the claims of the state government increasing borrowing excessively are far from accurate. He emphasized that the primary goal of this year’s Budget is to offer equal opportunities to all segments of society.

During a press briefing at the helipad in Pillahalli village, Siddaramaiah stated that the Budget is designed for the comprehensive development of Karnataka, aiming to ensure equitable chances for everyone.

In response to remarks from the BJP regarding the Budget, he noted that borrowing had increased during Prime Minister Narendra Modi's administration as well, arguing that development is unattainable without borrowing. He confirmed that the state's borrowing aligns with the limits set by the Fiscal Responsibility Act.

“According to the Act, borrowing should be capped at 25 percent. Currently, our borrowing is at 24.94 percent, which is within the authorized threshold,” he stated.

He pointed out that the total debt of the Centre amounts to Rs 218 lakh crore, with the Central government having borrowed Rs 165 lakh crore since PM Modi took office.

“This represents approximately 55.6 percent in relation to the provisions of the Act,” he added.

Siddaramaiah further highlighted that India’s fiscal deficit is at 4.4 percent, while Karnataka’s fiscal deficit is at 2.95 percent, which remains within the 3 percent limit set by law for the state’s Gross Domestic Product.

Karnataka’s GDP is reported to be Rs 33,05,500 crore, he noted.

“The BJP's claims of excessive borrowing by our government are inaccurate. We have borrowed within the legal limits stipulated by the Fiscal Responsibility Act,” the Chief Minister contended.

Addressing BJP leader R. Ashoka's criticism that the Budget caters to a specific group, Siddaramaiah asserted that the Budget has been crafted with a strong emphasis on social justice.

“This Budget prioritizes social justice and aims for the holistic advancement of the state, providing equal opportunities to all,” he remarked.

He also alleged that Karnataka has faced a loss of Rs 10,000 crore due to the Central government withholding funds that rightfully belong to the state, attributing this loss to the revision of GST rates.

Siddaramaiah remarked that if given the opportunity by the party leadership, he would be willing to present the following two Budgets as well.

“The high command's decision will be definitive. Achieving records isn't the end goal, but if the public supports me, I will fulfill my responsibilities diligently,” he stated.

Union Minister for Food, Consumer Affairs, and Public Distribution, Pralhad Joshi, criticized the 17th Budget presented by the Chief Minister, claiming its only notable feature is its considerable size of Rs 4.48 lakh crore, while also marking records in rising state debt and fiscal deficit, seemingly motivated by “vote bank” interests.

Concerning the fiscal landscape, Joshi noted that the Budget indicates a fiscal deficit of Rs 97,449 crore and a revenue deficit of Rs 29,957 crore.

He accused Siddaramaiah, previously known as “Lekkaramayya” for his financial management, of placing a debt burden of Rs 1.32 lakh crore on the state.