‘ANDHRA’S DEBT ROSE TO OVER ₹9 LAKH CRORE’: NAIDU IN WHITE PAPER

Telugu Desam Party (TDP) president and Andhra Pradesh chief minister N Chandrababu Naidu on Friday alleged that the state’s economy had witnessed a sharp fall in the growth rate from 13.5% to 10.5% during the five-year regime of the previous YSR Congress Party government, resulting in a loss of revenue up to ₹6.94 lakh crore.

Releasing the white paper on the state’s financial position in the state legislative assembly, the chief minister said the state’s debt rose from ₹3.75 lakh crore on March 31, 2019 to ₹9.74 lakh crore by June 12, 2024. “The revenue has fallen heavily as the capital expenditure has been reduced,” he said.

While public account liabilities stood at ₹80,914 crore, the loans borrowed in the name of corporation were to the extent of ₹2,48,677 crore. Besides, there were dues to civil supplies for subsidy to the extent of ₹36,000 crore, dues to power sector ₹34,267 crore, dues on various schemes to the extent of ₹1,13,244 crore and dues to employees to the extent of ₹21,980 crore, he said.

He alleged that the previous government had indulged in re-routing and diversion of funds from state’s institutional bodies to AP State Financial Services Ltd, mortgage of government-owned properties for securing loans from banks, diversion of local body funds, employees’ savings and matching grants of centrally sponsored schemes. “It had spent beyond the means of revenue,” he said.

Expressing concern over the inordinate delay in completing the Polavaram project and wastage of funds on unnecessary expenditure, the chief minister felt that the state is almost on the verge of bankruptcy. Pointing out that ₹15,364 crore was spent on Polavaram, he said had the TDP continued in power after 2019, too, the project would have been completed by 2021 itself.

“The Centre should release the funds and we too have to work hard. No doubt, we do not have funds now but we have ideas and experience. Without spending even a single rupee, Hyderabad has been developed as a global-standard city,” he said. Naidu pointed out that unless out-of-thinking ideas are created it is not possible to take the state forward. “Our goal should be zero poverty and we should create a system wherein there are no economic imbalances and no poverty.”

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2024-07-27T02:59:41Z dg43tfdfdgfd