Jagan pushing AP into serious financial crisis, laments Yanamala Ramakrishnudu

Vijayawada: TDP politburo member and former Finance Minister Yanamala Ramakrishnudu here on Friday held Chief Minister Y S Jagan Mohan Reddy responsible for the serious financial crisis that the State was passing through.

In a release here, Ramakrishnudu said the State was pushed into the crisis due to the faulty policies of Jagan Mohan Reddy. The Chief Minister does not have any policies or programmes to bail the State out of the huge debt burden.

The public opinion is that unless the Centre takes measures to check the State from raising any corporate loans or open market credit, Andhra Pradesh will have to face serious economic disaster, the former Finance Minister saidt. The situation has come to such a pass that the Centre is left with no other option but to impose financial emergency, he stated.

Recalling that it has recently been mentioned in the floor of Parliament that corporate borrowings will be considered as loans and the State government has to repay these debts, the State may be pushed to such a situation wherein it will have to face bankruptcy, he said.

Raising more and more loans to repay the debts is the primary reason for the situation that the State is currently passing through, he said adding that by the time Jagan Mohan Reddy is thrown out of power, the State's total debt burden may reach a whopping Rs 10 lakh crore. It is really a very disturbing factor that in the first quarter of 2022-23, the total amount of debts reached over Rs 38,000 cr. How long the Centre can send the warning signals to the State, he asked.

Since Jagan Mohan Reddy knows pretty well that he will not come back to power again, he is pushing the State into such financial crisis, Ramakrishnudu alleged.