R Ashoka and (R) Siddaramaiah
Credit: DH and PTI File Photos
The Opposition BJP on Wednesday dubbed Karnataka Chief Minister Siddaramaiah the “biggest borrowing CM”, citing reports that the State is likely to borrow Rs 93,000 crore in the fourth quarter from January to March.
The BJP's critique of Siddaramaiah, who also holds the Finance portfolio, came on the day he made history as the longest-serving Chief Minister of Karnataka.
Leader of the Opposition in Legislative Assembly R Ashoka accused the Congress government of “failing Karnataka” and said Siddaramaiah "must realise that history does not honour the hollow record of time spent in office, it will judge the track record of legacy left behind".
"Siddaramaiah is not the longest serving CM, but the biggest borrowing CM," he said in a post on 'X'.
“The difference between a statistic and a legacy is — the title of the longest serving CM is merely a statistic. The title of the biggest borrowing CM is a legacy,” Ashoka said.
“One of these will be forgotten, the other will be permanently remembered in Karnataka’s history books.”
Noting that the latest figure is staggering, Ashoka said, “Rs 93,000 crore borrowed in a single quarter – the biggest Q4 loan haul in India. This cannot be called governance; it is the very definition of panic-driven financial management.”
The BJP leader claimed that the debt surge was driven by a collapsing fiscal structure: borrowing to repay previous loan obligations, borrowing to dangerously fund unsustainable guarantee schemes and borrowing because fundamental economic planning failed, leading to a cash flow collapse.
“When a government is forced to borrow an average of Rs 31,000 crore every month just to stay afloat, it is not a sign of strength, but a clear indicator of fiscal stress,” he added.
The Opposition leader said Siddaramaiah must realise that history "will judge the track record of legacy left behind. And what is being left behind today is undeniable: mountain of debt, clear trail of inefficiency, and a mortgaged future, for the state of Karnataka”.