'Andhra Burdened By Debts Under Jagan Reddy': After CM's Barb, TDP Hits Back At YSRCP With Graft Allegations
TDP spokesperson K Pattabhi Ram accused the Jagan Reddy government of promoting widespread corruption in sand mining, liquor smuggling, and land grabbing.
TDP national spokesperson K Pattabhi Ram on Thursday claimed that Andhra Pradesh is under severe debt and said that the state should vote out CM Jagan Mohan Reddy. Citing a report by analytics and rating agency Crisil, Pattabhi Ram said: "The state is burdened with substantial debts. The average literacy rate in the state, at 67%, falls below the national average of 74%."
"Crisil emphasizes the lack of funds in the respective accounts to pay interest on Amaravati bonds. Considering the dire state of Andhra Pradesh under YS Jagan Mohan Reddy's administration, the pertinent question arises among the public: Does AP really need Jagan? Even school-going children seem to know the answer, as the state strongly says that it hates Jagan and he will be dethroned in the upcoming elections," K Pattabhi Ram said.
He further accused the Jagan Reddy government of promoting widespread corruption in sand mining, liquor smuggling, and land grabbing. "Issues such as the Polavaram project, the Visakhapatnam railway zone, the Kadapa steel plant, the cancellation of CPS, job creation, Dalit protection, investment attraction, and effective implementation of SC, and ST sub-plans remain unaddressed," K Pattabhi Ram
"After enduring the tumultuous and anarchic administration of CM Jagan Mohan Reddy for the past 53 months, YSRCP leaders and workers are now thinking if Jagan is actually needed. Despite participating in the YSRCP's campaign, they struggle to provide compelling reasons for why AP needs Jagan," he said.
Last week, Reddy took a dig at the Telugu Desam Party chief after the latter walked out of prison on interim bail. “... Skill Development Corporation scam, FiberGrid scam, liquor scam, sand scam and capital lands scam. Anything they touched was a scam. Except scams, no schemes come to mind during Naidu’s regime,” he said, as reported by news agency PTI.
What Are The Amravati Bonds?
The Amravati bonds were issued in 2018 to build Andhra Pradesh’s capital Amaravati. The state government, led by Chief Minister N Chandrababu Naidu back then, in order to raise funds from the capital markets, had listed the 'Amaravati Bonds 2018' on the Bombay Stock Exchange (BSE). The bonds were issued by the Andhra Pradesh Capital Region Development Authority for Rs 2,000 crore.
The bonds were issued to raise Rs 2,000crore for use as an equity pool for the projects in Amravati, where projects worth nearly Rs 27,000 crore where being executed. According to a statement by the Andhra Pradesh Government, "The 10-year instrument [Amravati Bonds] is being offered at a fixed interest rate of 10.32%, paid quarterly, with a five-year moratorium on the principal payment. This will be redeemed at 20% every year for the next five years."
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