VIJAYAWADA: TDP Politburo member Yanamala Ramakrishnudu is of the strong opinion that the YSRC government is raising large-scale debts only to loot the State and it has already pushed Andhra Pradesh into severe financial crisis.
In a statement issued on Saturday, Yanamala said, “The government has not taken any corrective measures despite the Opposition warnings that the State is moving into classic debt trap. Without assessing the actual situation, Finance Minister Buggana Rajendranath has been uttering blatant lies on the State economy.”
Though the Comptroller and Auditor General (CAG) and the Credit Rating Information Services of India Limited (CRISIL) have been sending strong warning signals, the government has resorted to a misinformation campaign.
Deutsche Bank chief economist Kaushik Das, in his report submitted in August, has made it clear that AP’s financial condition has fallen from eighth to 11th place. CRISIL too has reduced the rating of Amaravati bonds on Friday with remarks that AP is now surviving on borrowings and overdrafts, Yanamala pointed out.“This poor condition of the State is merely due to the looting of Chief Minister YS Jagan Mohan Reddy and wastage of funds,” he remarked.
After the State’s formation never such conspiratorial statistics has been witnessed and the YSRC government is shamelessly publicising through booklets on gross domestic product, per capita income and the debt burden. The growth rate achieved during the previous TDP regime has been totally manipulated to display a better growth rate in the last four years, he denounced.
To repay the debts, funds are being diverted and the prices of all essential commodities have been hiked steeply thus doing a great injustice to all sections of the society. “The common man has lost the purchasing power,” the former TDP minister observed.