The borrowing projections of Uttar Pradesh and Karnataka in the first three quarters have already exceeded their full year borrowing target for FY23. This indicates a borrowing binge by these two states, which could have implications for their fiscal health and debt sustainability. Uttar Pradesh and Karnataka are among the top states in terms of borrowing requirements, primarily driven by COVID-19 related expenditures and revenue shortfalls. The increased borrowing raises concerns about the states’ ability to manage their finances and fulfill their obligations. The excess borrowing could lead to higher interest costs and potentially strain the state’s ability to invest in development projects and essential services. The article further explores the reasons behind the increased borrowing and the potential challenges that these states may face in the coming months.