Rs. 65,500 Cr loss to AP in Jagan first year rule: Yanamala

Amaravati: Former Finance Minister and senior TDP leader Yanamala Ramakrishnudu slammed the YSRCP Government for pushing Andhra Pradesh into neck-deep debts in just one and half years of its misrule, corruption and misgovernance, in a statement on Monday.

Ramakrishnudu said that the inefficiency of CM YS Jagan Mohan Reddy has caused a loss of Rs. 65,500 Cr to AP in the first year itself because of huge cuts in Central funds and devolutions. On the other hand, the YSRCP rule imposed an unbearable tax burden of over Rs. 60,000 Cr for the sake of its corruption in sand, liquor, mining and other mafia activities.

The Opposition Leader in AP Council said that the State could not bring pressure on the Centre to get Rs. 16,000 Cr towards revenue deficit in the beginning year itself. When the Centre offered to give just Rs. 138 Cr, the previous TDP regime declined that. Now, the Jagan regime accepted the meagre amount thereby committing a grave mistake that would cause harm to the State in future.

Ramakrishnudu said that AP suffered a loss of Rs. 12,000 Cr revenue deficit because of its inability to force the Centre to provide the funds. Obviously, the CM caused the State to lose Rs. 12,000 Cr and to sink in debts for the sake of saving himself from his 12 charge sheets. In Central devolution funds also, a 0.2 per cent cut was imposed on the State. AP's share in these devolutions came down from 4.1 per cent to 4.3 per cent. This has caused another loss of Rs. 1,500 Cr to the State.

The TDP leader further said that the Jagan rule's failures were responsible for AP not getting Rs. 5,000 Cr under the GST compensation component. The loans being brought in place of GST compensation and the consequential interest burdens would have to be borne by the people of the State only. A very unfortunate situation has come now that no bank was coming forward to give loans to AP because of the unchecked destruction and demolitions going on right now.

Ramakrishnudu termed it as 'alarming' that the banks frankly told the AP Government that they would not be able to give even one fifth of the Rs. 25,000 Cr loan sought by the YSRCP rule. This was because of the fact that the State has crossed its maximum credit limit long back. Unfortunately, there was a cut of -23.5 per cent in revenue realisation in AP. The State's share in Central pool has come down by Rs. 2,000 Cr.

Stating that the people were suffering due to price rise on one side and tax burden on the other, Ramakrishnudu said that if CM Jagan managed to get Central funds, then there would have been no need to increase debt burden. Also, hikes in current bills, RTC fares, taxes, sand and cement rates could have been avoided. The failures of the ruling YSRCP have left the poor people in deeper crisis and unimaginable suffering.