VIJAYAWADA: Chief Minister YS Jagan Mohan Reddy has completely ruined the State with his destructive economic policies, including bad debt, high inflation and unemployment, huge deficit and collapse of the system, observed TDP senior leader Yanamala Ramakrishnudu.
In a release issued on Friday, Yanamala said, the inflation rate, which should not exceed 2 to 3%, had now touched an alarming 8.5%, while the unemployment rate gone up to 24%. The budgetary deficit, which was Rs 35,467 crore in 2018-19, had reached Rs 52,508 crore by 2022-23, while the revenue deficit which was Rs 13,899 crore in 2018-19, had gone up to Rs 43,487 crore by 2022-23, he pointed out.
“The YSRC government is not revealing the facts on the actual financial position of the State, but is trying to mislead the people by making false statements on the floor of the Assembly. The budgetary estimates, which generally get the nod of the Legislature, do not have any value in the Jagan’s rule,” he remarked.
Finance Minister Buggana Rajendranath had kept even the loans raised during the 2022-23 fiscal as a secret. At least Rs 1 lakh crore was raised as non-budgetary loans this year alone. In the past five years, a whopping Rs 5 lakh crore was borrowed under this category. The whole 2022-23 financial year was run completely on debts raised from the RBI. The details on how this money was spent were not provided even to CAG, he alleged.
Revealing that both the RBI and the Centre had already cautioned the State government on going for such huge loans, Yanamala said the RBI had even told the nationalised banks to be cautious while granting loans to the government.