Jagan has pushed Andhra Pradesh into deep financial crisis: TDP

Amaravati, Aug 28 (IANS): Andhra Pradesh’s main opposition Telugu Desam (TDP) party on Sunday claimed that Jagan Mohan Reddy’s government had resorted to economic abuses since coming to power, pushing the state into a deep financial crisis.

TDP leader and former state finance minister Yanamala Ramakrishnudu said that on the one hand the YSR Congress Party (YSRCP) government is ignoring budget proposals and on the other defying standards of budget accountability and budget management (FRBM).

The recent letter to the state from Union Finance Secretary Somanathan reflects these facts, Ramakrishnudu added.

The government of Jagan Mohan Reddy, bypassing the Comprehensive Financial Management System (CFMS), paid the bills through a back door. In complete violation of the Treasury Code, the ruling YSRCP government paid the bills amounting to Rs 48,284.32 million to their close aides, he said.

Government Decree (GO) 80 was only issued to defend against violation of standards and its disguised operations. There is no account for Rs 1.04 lakh crore raised under ways and means and another uncovered Rs 31,000 crore (OD), he added.

Ramakrishnudu claimed that the YSRCP government leads the country in terms of borrowing. He alleged that the government collected Rs 8,305 crore through liquor bonds and another Rs 25,000 crore in total in breach of standards set under Section 293(3) of the Constitution.

Over the past three years, the government raised funds through DO for a total of 306 days, in 2019-20 for 57 days, in 2020-21 for 103 days and in 2021-22 for 146 days, a said the leader of the TDP.

However, in contrast, the TDP during its five-year tenure only opted for the OD for 35 days.

Following this trend, at the end of the term of the YSCRP government, the state will have a total debt of Rs 10,000 lakh crore. The state is plunged into a deep financial crisis due to the flawed economic policies of the Jagan Mohan Reddy government and the total collapse of the system, he added.

The TDP leader alleged that there was no job creation as no investors were willing to create an industry in the state. As a result, young people are in total confusion and disappointment and the unemployment rate has soared to 12%.

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