VIJAYAWADA: The Jagan Mohan Reddy government has resorted to economic violations ever since it came to power, pushing the State into deep financial crisis, TDP senior leader Yanamala Ramakrishnudu said. In a press release issued on Sunday, he said, “On one side the ruling YSRC is ignoring budgetary proposals and on the other it is defying the FRBM norms. The recent letter to the State by the Union Finance Secretary TV Somanathan amply reflects these facts.”
The TDP leader alleged that the Jagan Mohan Reddy government, bypassing the Comprehensive Financial Management System (CFMS) paid bills through the backdoor. In total contravention of the treasury code, the ruling dispensation had paid the bills amounting to a whopping Rs 48,284.32 cr to its close associates. The government issued GO 80 only to defend itself from the violation of norms and its backdoor operations. “There are no accounts for Rs 1.04 lakh crore raised under ways and means and another Rs 31,000 crore overdraft,” he pointed out.
Further elaborating, he said Rs 8,305 crore raised through liquor bonds and another Rs 25,000 crore loan were totally in violation of the laid down norms under Article 293 (3) of the Constitution. “Andhra Pradesh has topped the list of States in the country in borrowing funds. In the past three years, the YSRC government has raised funds through OD for a total of 306 days (57 days in 2019-20, 103 days in 2020-21 and 146 days 2021-22). However, in contrast the TDP during its five-year tenure had gone for OD only for 35 days, the former Finance Minister claimed.
“Going by this trend, by that time the YSRC government term ends, the State will be in a total debt of Rs 10,000 lakh crore. The State is pushed into deep financial crisis due to the YSRC government’s faulty economic policies and the total collapse of the system,” he alleged.