Karnataka inching closer to bankruptcy, says Shettar

Charging that the JD(S)-Congress coalition government in the state is crossing the limits of financial discipline while borrowing, MLA Jagadish Shettar asked Chief Minister H D Kumaraswamy to issue a White Paper on the financial condition of the government.

"The government has more than Rs 3 lakh crore loan burden. Recently, it raised Rs 1,500 crore loan through bonds, and it is trying to raise around Rs 80,000 crore more loan. The government is heading towards bankruptcy, and it may slip into a coma after a paralysis attack," he said.

Speaking to media persons here on Thursday, Shettar observed that Kumaraswamy is struggling to implement the programmes announced by Siddaramaiah during his last months as the chief minister, and only 12% of the government funds are being spent for development works.

Even to implement farm loan waiver scheme, this government is raising loans. The government is on the verge of mortgaging itself to get funds like Tipu Sultan, who mortgaged his children with the British, he said.