CM Jaganmohan Reddy’s favourite word is credibility. Very ironically, his government got stuck in a huge credibility crisis. He was talking a lot about how his ‘Navaratnalu’ Cash Transfer welfare programmes would be ideal for the entire country till recently. He was assuring Andhra people that the banks will generously give loans to fund ‘Navaratnalu’. Interestingly, Jagan couldn’t bring a single rupee loan additionally.
Obviously, the financial institutions would analyse all risk factors. They are considering Andhra under Jagan Regime as a high risk state. Jagan’s immature decisions in the past five months are the reasons for this sad state. Now, CM Jagan can neither come backward nor go forward. He got trapped in a Padmavyooham. Naidu Circar took massive loans and began world class projects like Amaravati. Jagan failed to understand the financial implications of such big ventures. By reversing these sensitive projects, Jagan caused irreversible harm. He amassed such negative image that may not cause personal loss to him but it would leave Andhra a crippled state worse than ever.