TDP warns of Andhra Pradesh sliding into deeper debt trap

Mangalagiri: TDP legislators on Friday took part in the discussion on the AP budget for 2021-22 introduced in the 'mock Assembly' when they expressed serious concern over the greater harm that the YSRCP government's 'reckless' policies were doing to the state economy.

The TDP MLAs said the last two years of the Jagan Reddy regime have witnessed the destruction of all income-generating growth engines. This led to a situation where the state was becoming totally dependent on loans for taking up welfare and development activities. As on today, the total outstanding debt of AP stood at Rs 4.47 lakh crore because of the irresponsible and thoughtless decisions of the YSRCP.

The Opposition members deplored that very soon, AP would require over Rs 1 lakh crore only to clear interest payments towards debt servicing. Once the state fails to repay interest on loans, then the RBI would also stop supporting AP, thus causing the state to slip into an 'irretrievable debt trap'.

Pressing the panic button on the state economy, former minister Yanamala Ramakrishnudu stressed the need for all sections of the people to closely watch the government's functioning and expose its misdeeds without fail. Otherwise, their interests would be harmed more. "The Chief Minister is talking a lot about his direct money transfers to the people but the common man's income has come down by over 20 percent," he said.

Ramakrishnudu said that the AP budget for this year was put at Rs 2.29 lakh crore and about one or two per cent would be there in the next year's budget also for 2022-`23. By that time, a situation would arise where AP would have to pay half of its budget for loan repayments. Last year, just Rs. 227 crore was spent on the fight against coronavirus and zero funds were given for the vaccination. This showed utter neglect of the public health. Just Rs 500 crore each was allocated for Covid fight and for vaccination, he pointed out.

TDP members Payyavula Keshav, Yeleru Sambasiva Rao and others criticised the finance minister for turning the budget into a jugglery of numbers without any rational explanation for any allocations. The TDP members expressed concern over the growing gap in the loans and GSDP ratio.

The Opposition members advised the Jagan Reddy regime to put its focus on the people but on the TDP leaders, activists and social media.