Amaravati, June 1 :
Former Minister and senior TDP leader Yanamala Ramakrishnudu on Tuesday demanded Chief Minister Y S Jaganmohan Reddy to explain why poverty levels, per capita debt and infrastructure gaps increased significantly if his 2-year rule had spent heavily on welfare and development.
Mr. Ramakrishnudu asserted that it was the basic responsibility of the Chief Minister to explain to the people on the ever deepening economic crisis since he himself released a book on his Government’s achievements. Th CM’s book was nothing but a bundle of lies with no proper information provided to reflect the factual position of the State in terms of growth rate, capital expenditure, debt-GSDP ratio, per capita income, etc.
Addressing a press conference here, the TDP leader asked why Mr. Jagan Mohan Reddy failed to explain in his voluminous book about the reasons for increase in excise revenue even in the pandemic time when most other sectors like stamps and registration performed very poorly. The present regime was boasting of spending Rs. 95,000 Cr on welfare alone in the last 2 years. Then it should explain why the incomes of the poorer sections came down and why the economic inequalities rose sharply.
Mr. Ramakrishnudu expressed shock and surprise how Mr. Jagan could bring out a book when he had the least patience even to discuss the basic economic and growth indicators like the GSDP, fiscal consolidation, etc on the floor of the AP Legislative Assembly. The present book was full of falsehoods and just a publicity stunt in order to hide the Chief Minister’s inability to lead the State on the path of development.
The TDP leader asked how Mr Jagan could talk about development and economy when his two-year regime had cut down capital expenditure by nearly 13 percent from 2018-`19 to 2020-21. Can the ruling party leaders anywhere in the State say with pride that they have laid any road or built any Government building in the past 2 years? Not a single school building or hostel or hospital has been built. The YCP’s only achievement was to change colours on the public buildings that the TDP had built.
Mr. Ramakrishnudu asserted that the chief minister had no right to talk about the nature of his Government’s performance or governance considering his total failure in all aspects thus leading the Sate into zero development. The Government was referring to overall fall in the revenues due to Covid-19 but it was not giving accounts for the massive loans and off-budget borrowings. Those loans were obviously not spent for development and the ruling party owed an explanation to the people on this.
Decrying the financial irresponsibility of the YCP rule, Mr. Ramakrishnudu recalled how Mr. Jagan and his party leaders made baseless comments against the loans taken during the TDP regime. Now, in the last two years, the YCP regime has brought over Rs. 1.6 lakh Cr. The CM and his Ministers should tell the people why they had not spent all that money on productive assets under capital expenditure.
The TDP leader deplored that the Jagan regime’s reckless financial policies have now pushed the State outstanding debt to Rs. 4.47 lakh Cr at a time when the budget and revenues were coming down on account of the pandemic crisis and the Government’s willful destruction of public assets.
Mr. Ramakrishnudu expressed the fear that AP would slip into economic chaos in the next one or two years considering the growing debt burden and decreasing revenues. The budget might see just 2 to 3 percent increase by next year but the debt servicing would rise by 100 percent. CM Jagan and his Ministers had no clue to solve this big problem. The rise in GSDP-debt ratio to 36.46 percent was a cause of greater alarm under the YCP rule.