YSRCP pushing Andhra Pradesh into debt-trap

Amaravati: Former Minister and Opposition leader in Legislative Council Yanamala Ramakrishnudu on Saturday asserted that Andhra Pradesh would not have been bogged down in the present financial crunch if the ruling YSRCP leaders did not resort to indiscriminate looting of public wealth and natural resources.

Ramakrishnudu said that under the leadership of Chief Minister YS Jagan Mohan Reddy, the YSRCP leaders plundered sand, wine, mine, land and all visible and invisible resources in the State. As a result, the government was showing negative growth and zero development despite bringing massive loans of Rs 2 lakh crore in the past two years. It was also failing to pay the salaries and pensions promptly to the employees and retirees.

In a statement here on Saturday, Yanamala said that the AP financial situation was turning from bad to worse with each passing day. AP had come to stand for 'Appula Pradesh' (AP). The government was not even giving welfare benefits to deserving sections.

The State revenue was just Rs 1.50 lakh crore during 2018-19, which increased to Rs 1.78 lakh crore during the Jagan regime during 2020-21. But still, the economic growth was zero. They took about 57 overdrafts in 2019-`20. The TDP leader termed it as alarming that the AP government's loan repayments were greater than the capital expenditure under the Jagan's rule.

There was no commitment to the State's development. Nor were there sincere efforts in welfare, industrial growth and job creation. Unemployment rose to 15 per cent in two years. Whereas, AP achieved a 100 per cent growth rate in crimes and atrocities.

Yanamala said that the Jagan Reddy government achieved 'negative growth rates' in two years when compared to the previous TDP regime.

The State got -5.2 per cent growth rate in the industrial sector, -7.04 per cent in services, -6.6 percent in per capita income and -6.2 percent in GSDP under the YSRCP rule.

The revenue deficit went up from Rs 13,899 crore in 2018-19 to Rs 35,540 crore in 2020-21. All this was because of the inefficient, arrogant, vengeful and excessively destructive regime of Jagan Mohan Reddy.