State economy collapsed in Jagan Government: Yanamala Ramakrishnudu

Amaravati: The TDP senior leader Yanamala Ramakrishnudu slammed the YSRCP Government for pushing Andhra Pradesh into a deep debt trap from which it would never be able to recover for generations to come, in a press release on Wednesday.

The Opposition Leader in Council said that the report of the Comptroller and Auditor General (CAG) revealed that the overall economy of AP had collapsed within 17 months of the Jagan Reddy rule. Even for day to day expenditure and ways and means, the State Government was taking loans which indicated the hopeless financial situation right now.

He deplored that the YSRCP rule brought four and half times more loans when compared to the previous TDP Government. While the TDP made just Rs. 26,000 Cr per year, the present YSRCP regime brought Rs. 1.13 lakh Cr loans in just one year. Going by this, the total AP debt would reach Rs. 9.10 lakh Cr in its five year term in power. Whereas, the overall outstanding debt of AP in its 62 years prior to Jagan Reddy regime stood at just Rs. 3.45 lakh Cr.

Ramakrishnudu said that Chief Minister YS Jaganmohan Reddy would go down into modern history of AP as the only CM who had pushed the State into Rs. 10 lakh Cr debt. Even agencies like the SBI have warned the AP Government that the ratio of GSDP output and fiscal deficit may reach an alarming 9 to 10 per cent. He expressed concern that in just five months, Jagan government had made loans that could be made for a full one year period.

Ramakrishnudu said that it was a matter of greater concern now that the Government would bring more loans in the next 7 months which would prove a big punishment for future generations of the State.