Former Finance Minister Yanamala Ramakrishnudu has alleged that in just one year of its regime, the YSRCP government took such massive loans that were equal to the total loans procured by the previous governments over a period of 30 years. The credit rating of Andhra Pradesh has now touched a new low even as its interest and principal loan payments are expected to touch Rs. 1 lakh Cr in the next four years. The State’s financial crisis was fast becoming unmanageable because of the ‘failed’ policies of the ruling party.
The TDP Floor Leader in Council said AP has already reached 4th place in the country in giving highest guarantees for loan repayments while, at the same time, the State has climbed to 6th place in taking largest loans. In his first 14 months rule itself, YS Jaganmohan Reddy has become popular as a ‘reverse growth CM’ and created a record thanks to cancellation of PPEs and reverse tendering. At the current rate of taking loans, the interest and principal repayments would touch Rs. 50,000 Cr per year. By the time the YSRCP 5-year-rule ends, these repayments would reach about Rs. 1 lakh Cr per year. The Credit Rating was badly hit because of the heavy dependence of the State on loans. In future, nobody would come forward to lend loans to AP. The State would fall into total bankruptcy due to total lack of development as well as welfare.
The TDP leader said that the average loans taken by successive governments since 1956 till 2020 came to Rs. 5,000 Cr per year while the Jagan Reddy regime got dubious distinction of procuring Rs. 70,000 Cr in just one year, during 2019-`20. Along with loans taken by YSRCP rule, the total outstanding loans of AP now stood at Rs. 3,04,500 Cr. Going by the current trend, a total of Rs. 3.5 lakh Cr loans would be brought in YSRCP’s five-year rule at the rate of Rs. 70,000 Cr per year.
Accusing the CM of taking all reverse policies, Mr. Ramakrishnudu said selling away the government lands in the name of ‘Build AP Mission’ was another bankrupt policy. Actually, it was a ‘Build YCP Mission’ being used by the ruling party leaders to grab prime lands at cheap rates. This would lead to lack of any government lands for infrastructure and development projects in future. Even the courts were commenting these days asking whether Andhra Pradesh has become bankrupt. The government should take this as a wake-up call. All the goodwill of AP as a favourite investment destination was lost because of the discredited and chaotic policies of CM Jagan. The Chief Minister has no time for review of any project or programme, which was why nobody was talking about what was happening really. Sand shortage crisis was created because of the ruling party leaders’ greed only. Along with that, the Coronavirus epidemic has dealt another serious blow.
Mr. Ramakrishnudu deplored that not a single project was taken up or completed, nor a single road was laid nor a single bridge was constructed in the past one year. The daily incomes of the people were badly hit because of sand shortage and thoughtless financial policies. At such a juncture, the proposal to take massive loans from foreign private firms was another ruinous and disastrous policy. Jagan Reddy should take responsibility for all the destruction that was going on. He should set aside vendetta and start reconstructing the State.
నవరత్తాలు సీఎం.
Very soon కరోనా సీఎం కూడా అవుతాడు. , ఇంతకీ బెయిల్ రద్దు ఎప్పుడో ?eagerly ? Waiting !
PRESS NOTE
Dr. S. Jeevananda Reddy, 27th July 2020, Hyderabad
Why media is silent on Chandrababu’s ineffective Finance Minister Yanamala Ramakrishnudu during 2014-19, making loose statements on the present AP Government’s Finances?
1. Money wasted on temporary structures at Amaravati: You all know that according to AP reorganization Act, AP can stay in Hyderabad for 10 years – if needed that can be extended. But, Chandrababu runaway to Amaravati to escape arrest under note for vote scam in TS. There his family lived in a rented house that was built in violation of law [TDP government itself said this]. By wasting thousands of crores on temporary structures which were of poor quality constructed unplanned and untested and thus shrink and leaks took place, etc. instead of building capital for AP? He practically wasted five years on Capital, Why?
2. Money wasted on Pushkaralu & caused death of 29 pilgrims: By wasting few thousand crores government organized Pushkaralu and Chandrababu for his aggrandizement caused death of 29 innocent pilgrims [this was shown on the TVs on that day]. Few people earned crores of rupees illegally from pilgrims sevas [paid no income tax on these earnings].
3. Money wasted on Pattiseema instead of completing Polavaram Project: Pattiseema was initiated by wasting public money to serve the ruling clans vested interests instead of completing Polavaram for which Centre provides the finances. Thus caused cost escalation. Not executed R &R that affected villagers during last year’s floods.
4. Created huge debt and unpaid payments burden: Debt crossed two lakh crores plus during 2014-19. Nobody knows where this money has gone. Also, the government did not pay towards allocations made. This created a huge burden on the new government, running in to thousands of crores. Why did they do this?
5. Friendly Judiciary: With friendly judiciary and friendly officials who were appointed to serve Chandrababu’s vested interests have been creating more problems by which government has to waste money and time in attending these issues. Take for example:
a. During 2014-19, Smt. Roja was a MLA. Even after High Court and Supreme Courts orders she was not allowed to enter Assembly. Also, she was taken away in a car by police, a dangerous act. But, unfortunately the judiciary was silent but fond of caste based appointment of a retired IAS as CES who is acting unethically;
Dr. S. Jeevananda Reddy
cont—
b. Chandrababu appointed retired IAS Ramesh Kumar as SEC from his case to serve his vested interests [we have seen this during 2014-19 different elections wherein unanimous elections were rampant and as well people elected on other parties were forcefully taken in to TDP by officials & politicians]. Even Supreme Court in the first hearing noted this by saying that “When you postponed the elections then why you continued CODE? This clearly reflects that he is biased;
c. Unfortunately both High Court and Supreme Court were least bothered on this. Why?
d. He has been paying crores of rupees to Advocates to defend his case. Who paid that money? He has only few months to retire and income is far less than what is paid to Advocate and his travels, etc.;
e. Ethics: When the case is pending why he started meddling with politicians secretly in hotels, etc.;
6. Chandrababu bargained with the centre the special status for monetary gains – special package: Even in special package there were no written commitments and thus deprived the state’s finances. But wasted money on special flights and conferences with practically zero achievements. Allocated around 1600 acres for real estate ventures to Japan, a private agency – who is binami? To achieve real estate Pattiseema was built wasting public money.
7. Poor quality FM: With all these lapses how can poor quality Finance Minster talk on the new Governments financial position? Media aware of these but why not questioning him?
8. Crores of people vs with unethical person: Brijesh Kumar Tribunal on Krishna Water Sharing among riparian states presented technical fraud in granting award. This I brought to the notice of CJI/SC, no action was taken but extended term for the 6th time. Here crores of people in AP affected by this award but in case of SEC it relates to one person with poor ethics. Courts failed to look in to this aspect as they are all biased.
PRESS NOTE
Dr. S. Jeevananda Reddy, 27th July 2020, Hyderabad
Why media is silent on Chandrababu’s ineffective Finance Minister Yanamala Ramakrishnudu during 2014-19, making loose statements on the present AP Government’s Finances?
1. Money wasted on temporary structures at Amaravati: You all know that according to AP reorganization Act, AP can stay in Hyderabad for 10 years – if needed that can be extended. But, Chandrababu runaway to Amaravati to escape arrest under note for vote scam in TS. There his family lived in a rented house that was built in violation of law [TDP government itself said this]. By wasting thousands of crores on temporary structures which were of poor quality constructed unplanned and untested and thus shrink and leaks took place, etc. instead of building capital for AP? He practically wasted five years on Capital, Why?
2. Money wasted on Pushkaralu & caused death of 29 pilgrims: By wasting few thousand crores government organized Pushkaralu and Chandrababu for his aggrandizement caused death of 29 innocent pilgrims [this was shown on the TVs on that day]. Few people earned crores of rupees illegally from pilgrims sevas [paid no income tax on these earnings].
3. Money wasted on Pattiseema instead of completing Polavaram Project: Pattiseema was initiated by wasting public money to serve the ruling clans vested interests instead of completing Polavaram for which Centre provides the finances. Thus caused cost escalation. Not executed R &R that affected villagers during last year’s floods.
4. Created huge debt and unpaid payments burden: Debt crossed two lakh crores plus during 2014-19. Nobody knows where this money has gone. Also, the government did not pay towards allocations made. This created a huge burden on the new government, running in to thousands of crores. Why did they do this?
5. Friendly Judiciary: With friendly judiciary and friendly officials who were appointed to serve Chandrababu’s vested interests have been creating more problems by which government has to waste money and time in attending these issues. Take for example:
a. During 2014-19, Smt. Roja was a MLA. Even after High Court and Supreme Courts orders she was not allowed to enter Assembly. Also, she was taken away in a car by police, a dangerous act. But, unfortunately the judiciary was silent but fond of caste based appointment of a retired IAS as CES who is acting unethically;
b. Chandrababu appointed retired IAS Ramesh Kumar as SEC from his case to serve his vested interests [we have seen this during 2014-19 different elections wherein unanimous elections were rampant and as well people elected on other parties were forcefully taken in to TDP by officials & politicians]. Even Supreme Court in the first hearing noted this by saying that “When you postponed the elections then why you continued CODE? This clearly reflects that he is biased;
c. Unfortunately both High Court and Supreme Court were least bothered on this. Why?
d. He has been paying crores of rupees to Advocates to defend his case. Who paid that money? He has only few months to retire and income is far less than what is paid to Advocate and his travels, etc.;
e. Ethics: When the case is pending why he started meddling with politicians secretly in hotels, etc.;
6. Chandrababu bargained with the centre the special status for monetary gains – special package: Even in special package there were no written commitments and thus deprived the state’s finances. But wasted money on special flights and conferences with practically zero achievements. Allocated around 1600 acres for real estate ventures to Japan, a private agency – who is binami? To achieve real estate Pattiseema was built wasting public money.
7. Poor quality FM: With all these lapses how can poor quality Finance Minster talk on the new Governments financial position? Media aware of these but why not questioning him?
8. Crores of people vs with unethical person: Brijesh Kumar Tribunal on Krishna Water Sharing among riparian states presented technical fraud in granting award. This I brought to the notice of CJI/SC, no action was taken but extended term for the 6th time. Here crores of people in AP affected by this award but in case of SEC it relates to one person with poor ethics. Courts failed to look in to this aspect as they are all biased.