Karnataka tops as borrower among five southern states
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Chief minister Siddaramaiah on Sunday said he would present the budget in March. In his budget speech in February, last year, the CM had projected open market loans at ₹96,840 crore in 2024-25 from what was ₹44,549 crore in 2022-23.
Karnataka has confirmed its participation in the weekly auctions every week, pegging its weekly need of debt at ₹4,000 crore. While the RBI expects the total borrowing by all states at ₹4,73,477 crore, Karnataka's share makes up for more than 10%. The southern state was the top loan seeker in the Oct-Dec quarter too with its targeted open-market borrowing of ₹55,000 crore.
Deputy Opposition leader Arvind Bellad (BJP) has expressed alarm that the Congress was recklessly pushing the state towards financial ruin. «Where is this money going? Not into industries: they're leaving for other states. Not into development-there are no visible works to justify this debt.»
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