State economy collapsed under Jagan regime, says Yanamala

AMARAVATI: Former Finance Minister and TDP senior leader Yanamala Ramakrishnudu on Wednesday slammed the YSRCP Government for ‘pushing’ Andhra Pradesh into a deep debt trap from which the State would never be able to recover for generations to come.

Mr. Ramakrishnudu expressed concern that in just five months, the Jagan regime had made loans that could be made for a full one year period. It was a matter of greater concern now that the Government would bring more loans in the next 7 months which would prove a big punishment for future generations of the State.

In a statement here, the Opposition Leader in Council said that the report of the Comptroller and Auditor General (CAG) revealed that the overall economy of Andhra Pradesh had collapsed within 17 months of the Jagan Reddy rule. Even for day to day expenditure and ways and means, the State Government was taking loans which indicated the hopeless financial situation right now.

Mr. Ramakrishnudu deplored that the YCP rule brought four and half times more loans when compared to the previous TDP Government. While the TDP made just Rs. 26,000 Cr per year, the present YCP regime brought Rs. 1.13 lakh Cr loans in just one year. Going by this, the total AP debt would reach Rs. 9.10 lakh Cr in its five year term in power. Whereas, the overall outstanding debt of AP in its 62 years prior to Jagan Reddy regime stood at just Rs. 3.45 lakh Cr.

Mr. Ramakrishnudu said that Chief Minister YS Jaganmohan Reddy would go down into modern history of AP as the only CM who had pushed the State into Rs. 10 lakh Cr debt. Even agencies like the SBI have warned the AP Government that the ratio of GSDP output and fiscal deficit may reach an alarming 9 to 10 per cent.

The TDP leader accused the Jagan regime of not spending the huge loans on the development and productive projects to create assets for the State. The funds coming from the loans were being diverted to benefit Jagan Reddy’s followers and ruling party leaders only and massive corruption was taking place everywhere. Exorbitant amounts were being spent on publicity and pomp while the poor people were receiving meagre amounts into their individual bank accounts.

Mr. Ramakrishnudu demanded the CM to explain why three fourths of beneficiaries among poor families were not receiving Cash Transfer benefits. The Jagan rule was betraying the people by giving them with one hand and taking away from them with two hands. Crores of people were suffering heavily on account of multiple crisis situations like Coronavirus infections, economic lockdowns, YCP taxes and unchecked corruption of the ruling party leaders.

The TDP leader expressed surprise whether CM Jagan was pursuing a ‘zero governance’ policy considering how there was nil development, nil welfare in the field level, nil job creation and nil investments. What was going on in Andhra Pradesh now was not the development of the people and the State but the personal wealth creation of the ruling YCP leaders.