Bengaluru, May 28 -- In a significant political development, Karnataka Chief Minister Siddaramaiah announced his resignation on Thursday, capping off a tenure marked by intense debate over the state's fiscal health and the implementation of ambitious welfare schemes.

Following the submission of his resignation to the Special Secretary to the Governor, Siddaramaiah held a press conference to address his legacy and push back against allegations levelled by Prime Minister Narendra Modi and other political opponents regarding his administration's economic management.

The outgoing CM rejected assertions that the state's "Guarantee Schemes" bankrupted the treasury. He pointed to strong fiscal performance, noting that Karnataka currently ranks...