On the very day Karnataka Chief Minister Siddaramaiah became the state’s longest-serving CM, the opposition Bharatiya Janata Party (BJP) launched a sharp attack on him, branding him the “biggest borrowing CM” of the state. The criticism came in the wake of reports indicating that the state government is likely to borrow ₹93,000 crore in the fourth quarter, from January to March, marking one of the largest quarterly loan mobilisations in India.

BJP Leader of Opposition in the Karnataka Assembly, R. Ashoka, said the Congress government had “failed Karnataka” by taking on excessive debt, arguing that a leader’s legacy is judged not by tenure but by the fiscal and administrative footprint left behind.

Criticism over borrowing

Ashoka told news agency PTI, “Siddaramaiah is not the longest-serving CM, but the biggest borrowing CM. 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. One of these will be forgotten; the other will be permanently remembered in Karnataka’s history books.”

He pointed to the reported ₹93,000 crore borrowing in a single quarter as evidence of “panic-driven financial management,” saying, “This cannot be called governance; it is the very definition of fiscal stress.” According to Ashoka, the surge in borrowing reflects a weakening fiscal structure, with funds being raised to repay previous loans, support unsustainable guarantee schemes, and cover deficits caused by poor economic planning.

Fiscal implications

Highlighting the scale of the borrowing, Ashoka added, “When a government is forced to borrow an average of ₹31,000 crore every month just to stay afloat, it is not a sign of strength but a clear indicator of fiscal stress.”

The opposition leader warned that Siddaramaiah’s legacy would not be remembered for longevity in office, but for inefficiency and a growing debt burden. “It will judge the track record of legacy left behind. And what is being left behind today is undeniable: a mountain of debt, clear trail of inefficiency, and a mortgaged future for the state of Karnataka,” Ashoka said.

Context

Siddaramaiah’s tenure as Chief Minister has seen ambitious social welfare and development schemes, but critics from the BJP argue that these programs have come at the cost of fiscal prudence. The latest borrowing figures, reportedly the highest in a single quarter in India, have become a focal point for political attacks ahead of upcoming state-level elections.

The BJP’s criticism underscores the growing political debate over Karnataka’s fiscal health, balancing welfare initiatives with sustainable economic management, and highlights the potential electoral ramifications of state debt levels.