If Jagan continues in power AP will become another Nigeria; Yanamala

Amaravathi, Oct 6; The former minister for Finance and senior TDP leader, Mr Yanamla Ramakrishnudu is of the strong opinion that if Mr Jagan Mohan Reddy continues as the Chief Minister of the State, Andhra Pradesh will soon turn into another Nigeria. 

In a press note released here on Thursday, Mr Ramakrishnudu said that in the past three-and-half years, Mr Jagan Mohan Reddy totally devastated the State with no development in any corner. Several people who were in various kinds of professions lost their livelihood and he has pushed Andhra Pradesh into a serious crisis, Mr Ramakrishnudu felt. 

``If a similar situation continues for some more time, the  State will witness the unimaginable catastrophe,'' he stated. With development coming to a standstill and the people bearing heavy financial burdens, it will not be a surprise if Andhra Pradesh turns into another Nigeria or Zimbabwe, Mr Ramakrishnudu observed.

The latest Comptroller and Auditor General (CAG) report clearly indicated that the total debts of the State reached to abnormal levels and the State capital touched an all-time low. The State revenue too has fallen to so low and the GSDP level too has fallen to a single digit, he pointed out.

The total debts are not indicated in the budget thus taking the people for a ride, the former Finance minister said. The 15th Finance Commission has pulled up the State Government on these issues, he said adding that in the past three-and-half years the State Government's borrowings touched a whopping Rs 8 lakh crore following which the State has to pay over Rs 50,000 cr as interest alone, Mr Ramakrishnudu maintained.

The former minister expressed serious concern that the interest amount may reach to Rs 1 lakh crore soon and asked when so much amount is paid as interest alone how development is possible. What is more dangerous is that a major share of the amount, almost 81 per cent, raised as loans is going as revenue expenditure, he stated.

Earlier investments in the State were very high following which employment was generated and job notifications too were issued thus increasing the State revenue, he recalled. Special incentives were also extended for women in the shape of Dwcra loans generating employment for them and SCs and BCs too were given loans to set up units. But now the situation is totally different and generating employment is a rare feature, Mr Ramakrishnudu said.

In fact, those who have earlier come forward to set up their units in the State are now withdrawing their investments totally reversing the atmosphere in the State, the TDP leader said and stated that the Jagan Mohan Reddy Government is following the policy of increasing the borrowings pushing the State into a deep crisis. As per the FRBM Act, the State's total debts should not cross 35 per cent of the GDP but the burden of the State in 2021 itself crossed 44.04 per cent, Mr Ramakrishnudu pointed out and felt that the State Government should realise the factual position and take urgent measures to prevent the State from moving into a financial emergency. 


More English News