Amaravati bonds, a fraud on AP: Srikanth Reddy

Hyderabad: YSRCP MLA and senior party leader Gadikota Srikanth Reddy on Monday took Andhra Pradesh Chief Minister Chandrababu Naidu for his wasteful expenditure. 

Talking to media persons at Hyderabad on Monday, he sought to know what did Chandrababu Naidu do with the money that he secured as a loan. He wanted Chandrababu Naidu to make public details of his spending. He said that due to Chandrababu Naidu’s profligate ways, the common man is forced to carry the unbearable load of debt burden.

He said that Chandrababu Naidu has ruined the state with his proflitgate spending during his earlier nine year rule. Now he has become the chief minister again and is back to his old ways, he said. He charged Chandrababu Naidu with behaving like a stock broker.

“He is a chief minister. Why is he behaving like a stock broker or a middle man?” the YSRCP MLA asked.

He charged Chandrababu Naidu with duping the people of the state through Amaravati bonds and other moves, which only serve to put unbearable burden on the people. “When the state was bifurcated in 2014, it had a debt burden of Rs 90000 crore. Now, the debt burden has gone up to Rs 2.50 lakh,” he pointed out.

Srikanth Reddy said while the Centre has given Rs 3000 crore for capital construction, Chandrababu Naidu had spent it on the consruction of temporary secretariat. The Centre has given Rs 9000 crore for Polavaram project. "We want to know what he did with ths amount,” he asked. 

Poohpoohing the move of the Chief Minister to issue Amaravati Bonds, he said that when he is talking of his brand image, why then an exorbitant interest of 10.30 per cent is being given to the bonds. He said these bonds will become a mill stone around the neck of AP’s economy, Srikanth Reddy said.  He said this is nothing but wasting pf public money.