Telugu Desam Party (TDP) Polit Bureau member Yanamala Ramakrishnudu on Friday alleged that the YSR Congress Party (YSRCP) government had pushed Andhra Pradesh into an unprecedented financial crisis.
In a statement, Mr. Ramakrishnudu alleged that Chief Minister Y. S. Jagan Mohan Reddy and his team did not have any concrete policy or programme to bail the State out of the crisis.
People of the State were worried over the mounting debts and hope that the Centre initiated effective measures to reverse the trend, he said.
“Declaring financial emergency in the State only answer to the present crisis,” the former Finance Minister said.
The Centre had made it clear that corporate borrowings would be considered as loans and that the State government would have to repay these debts, Mr. Ramakrishnudu said, and expressed fear that the State was heading towards financial bankruptcy.
He said that the YSRCP government had taken loans, and to repay the debts it raised more loans.
“At this rate, the State’s total debt burden may touch a whopping ₹10 lakh crore by the time Mr. Jagan Mohan Reddy’s term comes to an end,” he said.
In the first quarter of 2022-23, the total amount of debts incurred by the State had touched over ₹38,000 crore, the TDP leader said.
Mr. Ramakrishnudu said the State was turning into another Sri Lanka, and people were extremely worried about their future. He the YSRCP’s days in power were numbered as people were eager to show the party the door after they were let down in the name of Nava Ratnalu, which was “nothing but a sham.”
There were no investments in the State and youth were frustrated in the absence of job opportunities. The TDP leader said people were eager to teach Mr. Jagan Mohan Reddy a fitting lesson.
