Bengaluru: Karnataka Chief Minister Siddaramaiah defended the Congress’ five guarantees on Wednesday as “good economics,” emphasizing his belief in taxing the rich for the welfare of the poor. Siddaramaiah outlined his economic philosophy during his response to the motion of thanks to the Governor’s address in the Assembly.

During his speech, Siddaramaiah highlighted the importance of taxing the rich and utilizing those funds to empower the economically and socially disadvantaged. He emphasized that the implementation of the five guarantees aimed to provide economic and social strength to the poor, characterizing it as a sound economic strategy and a matter of self-respect.

Siddaramaiah also addressed the term “Siddanomics,” coined by JD(S) state president H D Kumaraswamy, dismissing it as an abstract concept. He questioned the existence of similar economic doctrines attributed to other former chief ministers, including Basavaraj Bommai and Kumaraswamy, stating that economics can only be categorized as good or bad.

In his remarks, Siddaramaiah criticized the BJP government for reducing corporate taxes from 30% to 22.5% during Prime Minister Modi's tenure, questioning whose interests such policies served. He reiterated the government's commitment to taxing the rich and redistributing wealth to benefit the poor, underscoring the allocation of substantial funds for flagship programs aimed at marginalized communities.

Responding to allegations from the Opposition, Siddaramaiah refuted claims that the Governor had misled the legislature, asserting that the guarantees provided by the government had indeed reached the people. He also rebuffed accusations from the Leader of the Opposition, R Ashoka, likening the BJP administration to a “hate-filled, rusted bus emitting poisonous smoke.”

Siddaramaiah further criticized the union government's approach to resource transfers and drought relief, drawing attention to Prime Minister Modi's stance during his tenure as Gujarat CM. He highlighted disparities in resource allocation, noting that Karnataka receives only a fraction of what it contributes to the central government.