Jagan Govt going for massive debts only to loot State: Yanamala


Former minister for Finance and TDP politburo member, Yanamala Ramakrishnudu, is of the firm opinion that the State Government is raising large scale debts only to loot the State and the ruling party has already pushed Andhra Pradesh into severe financial crisis.

Ramakrsihnudu said that the State Government has not taken any corrective measures despite the Opposition parties having been sending warning signals for the past four years that the State is moving into classic debt trap. Minister for Finance, Buggana Rajendranath, without assessing the actual situation, has been uttering blatant lies, he stated.

Though organisations like the Comptroller and Auditor General (CAG) and the Credit Rating Information Services of India Limited (CRISIL) have been sending strong signals, the State Government has been resorting to a misinformation campaign, Ramakrishnudu said. The chief economist of Deutsche Bank, Kaushik Das, in his report submitted in August this year has made it clear that the State’s financial condition has fallen from eighth place to 11th while the CRISIL too has brought down the price of Amaravathi bonds on Friday with remarks that the State is now surviving on borrowings and overdrafts, Yanamala pointed out.

“This poor condition of the State is merely due to the looting of Chief Minister, Jagan Mohan Reddy, and wastage of the funds,” Ramakrishnudu noted. The State Government is not revealing even to the CAG the details of the debts raised from various corporations with government guarantee and also how much the State is utilising from the public accounts, he added.

After the State’s formation never such conspiratorial statistics have been witnessed and the YSRCP Government is shamelessly publicising through books on gross domestic product, per capita income and the debt burden, the former minister for Finance felt. The growth rate achieved during the TDP regime was totally manipulated to display a better growth rate during 2019-20, he said.

While releasing the economic survey for 2018-19 fiscal, the gross domestic product (GDP) was displayed as 11.02 per cent with Rs 6,80,332 cr but in the 2019-20 economic survey the GDP is reduced to Rs 6,21,301 cr which amounts to only 4.45 per cent, he pointed out. The whole country, including the State, recorded a negative growth rate due to Covid pandemic but the YSRCP Government is projecting that the State stood in third position in fish export worth Rs 40,000 cr, Yanamala said.

Observing that there is no response from the State Government though it has been demanded that a white paper be published on the economic condition of the State and for the invitation for an open debate, Ramakrishnudu said and added that the SC, ST, BC and minority communities are the worst-hit with this atrocious rule of the YSRCP.

To repay the debts and the interest funds are being diverted and the prices of all commodities are hiked steeply thus doing great injustice to all sections. The common man has lost the purchasing power and there is no development whatsoever in the State in the past four years, Ramakrishnudu maintained.

Stating that due to the faulty policies of the Jagan Reddy Government each SC, ST, BC and minority family has a financial burden of Rs 2,79,136, Ramakrishnudu said and maintained that the Jagan gang is trying to grab 14 lakh acres of assigned lands.

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