Bengaluru: The Leader of the Opposition, R. Ashok, has made serious allegations that the Siddaramaiah-led Congress government is driving Karnataka towards financial bankruptcy. Citing the Comptroller and Auditor General (CAG) report, Ashok has highlighted the government’s mismanagement of finances. The CAG report has raised concerns about the state’s fiscal health, warning of significant economic challenges.On Monday, August 18, Chief Minister Siddaramaiah tabled the CAG report on the state’s financial status for the fiscal year 2023-24 in the Karnataka Assembly. The report analyzes the impact of the Congress government’s five guarantee schemes on the state’s economy.read also: C.T. Ravi’s Outrage Against Congress for Holding Conventions with Taxpayers’ Money!
It reveals that the government borrowed ₹63,000 crore from the market to fund these schemes, an increase of ₹26,000 crore compared to the previous year’s borrowings.R. Ashok, in a scathing attack via a tweet, stated, “The CAG report clearly exposes the extent to which Karnataka’s economic condition has deteriorated due to Chief Minister Siddaramaiah’s mismanagement and unscientific financial policies, despite his self-proclaimed expertise as an economist.” He expressed deep concern about the state’s economic future.The state’s fiscal deficit has seen a significant rise. In 2022-23, the fiscal deficit was ₹46,623 crore, which surged to ₹65,522 crore in 2023-24. Ashok emphasized that this sharp increase is evidence of the Congress government’s mismanagement and unscientific guarantee schemes, pushing Karnataka towards bankruptcy.The Congress government borrowed ₹63,000 crore from the market, ₹37,000 crore more than the previous year. The CAG report warns that this massive borrowing will impose a heavy interest burden on future generations.read also: Once Again, the 40% Commission Allegation Rocks Karnataka… But This Time Not Against BJP, It’s Against Congress! Who Made the Claim?
Infrastructure investment has also taken a hit, raising further concerns.The report highlights a ₹5,229 crore reduction in funding for roads, irrigation, and other infrastructure projects, resulting in a 68% increase in incomplete projects. The CAG has cautioned that this jeopard of fiscal mismanagement endangers the state’s future.Karnataka, which had recovered post-COVID under the effective governance of the previous BJP government in 2022-23, has once again fallen into a revenue deficit of ₹9,271 crore in 2023-24. Opposition leaders have attributed this to the Congress government’s unscientific guarantees and poor financial management.In a single year, ₹36,538 crore—approximately 15% of the state’s total revenue expenditure—was spent on the five guarantee schemes.read also: Russian Embassy in India has announced about 5% Discount on Russian Crude Oil for India.
Additionally, a subsidy bill of ₹60,774 crore has crippled the state’s development efforts. Concerns have been raised that since the Congress government came to power, development in the state has come to a standstill.The CAG has issued a stern warning that if the fiscal deficit is not brought under control immediately, the state’s economy will further deteriorate, debt pressure will mount, and development will collapse. The report describes the current guarantee schemes as “guarantees of future darkness.”R. Ashok has questioned the working style of Siddaramaiah and the Congress government’s so-called “Karnataka Model.” He stated, “History does not record how many budgets someone presented, but how much those budgets contributed to the state’s development and long-term growth.”For short-term political gains, the Congress government is sacrificing Karnataka’s future. If this system continues, Karnataka is guaranteed to be trapped in an irrecoverable debt spiral, leading to economic bankruptcy and developmental stagnation, warned R. Ashok.JUNEBERRY® 100% Pure Cotton Oversized Loose Baggy Fit Drop Shoulder Half Sleeve Round Neck Cool Front Teddy Printed Cork & White T-Shirt for Women/Girls (Available in from S to 2XL)