VIJAYAWADA: Former Chief Minister YS Jagan Mohan Reddy lambasted the TDP-led NDA government for perpetuating fiscal stress, citing Comptroller and Auditor General (CAG) figures that reveal sluggish revenue growth and soaring debt.
In a post on X, Jagan contrasted the alliance’s pre-election promises with its actual performance, accusing it of failing to deliver on economic pledges.
During 2019-24 under Jagan’s rule, TDP and JSP repeatedly criticised the government for unchecked liabilities, negligible capital expenditure in key sectors, and slow revenue growth, which they claimed signalled an economic slowdown. The alliance vowed to accelerate State revenues while curbing debt if elected.
However, Jagan pointed out that in FY 2024-25, AP’s own revenues (tax & non-tax) grew by a mere 3.08% year-on-year. This pales in comparison to the Central government’s provisional estimates of 9.8% national GDP growth, and 12.04% Central revenue increase. He questioned the government’s claim of 12.02% State economic growth, arguing it contradicts the low revenue figures.
The distress persists into FY 2025-26, with CAG data for the first four months showing negative trends in key indicators. Goods and Services Tax (GST) receipts dropped from Rs 10,868.09 crore in April-July 2024-25 to Rs 10,769.55 crore this year, a -0.91% decline, he said.
Overall, State’s own revenues grew 6.40% to Rs 29,511.03 crore, far below expectations. Aggregating GST and Sales Tax—indicators of consumption—the figures were lower than the already subdued performance last year.
Jagan highlighted a compound annual growth rate (CAGR) of just 2.39% for State’s own revenues from April-July 2023-24 to 2025-26, against a normative 10%. On debt, he noted that total liabilities rose by Rs 3,32,671 crore over five years (2019-24), but the TDP alliance accrued Rs 1,86,361 crore in just 14 months—56% of the previous amount, encompassing public debt, public accounts, and PSU borrowings.