Andhra Pradesh May Become Another Nigeria, Says TDP Leader Yanamla Ramakrishnudu

The Telugu Desam Party (TDP) leader alleged that in the past three-and-half years, the YSRCP government 'totally devastated the state'.

Senior TDP leader Yanamla Ramakrishnudu ( Image Source :ABP Desam )

Former finance minister of Andhra Pradesh and senior TDP leader Yanamla Ramakrishnudu on Thursday said that if Jagan Mohan Reddy continues as Chief Minister of Andhra Pradesh, the state would soon turn into another Nigeria.

The Telugu Desam Party (TDP) leader alleged that in the past three-and-half years, the YSRCP government "totally devastated the state".

Ramakrishnudu said with development coming to a standstill and people bearing heavy financial burdens, it would not be a surprise if Andhra Pradesh turned into another Nigeria or Zimbabwe. 

He alleged that the latest Comptroller and Auditor General (CAG) report indicated that the state's debts reached "abnormal" levels.

The former finance minister claimed that the state's revenue had decreased and the GSDP level reached zero. He said that the public was being misled because the overall debts were not disclosed in the budget.

The TDP leader claimed that the 15th Finance Commission had pulled up the state government on these issues.

"In the past three-and-half years, the State Government's borrowings touched a whopping Rs 8 lakh crore, following which the State has to pay over Rs 50,000 cr as interest alone," said Ramakrishnudu.

The former minister expressed concern that the interest amount might reach Rs 1 lakh crore soon and asked how development was possible when such a large amount was paid as interest alone.

"What is more dangerous is that a major share of the amount, almost 81 per cent, raised as loans are going as revenue expenditure," he said.

The TDP leader said the government was following the policy of increasing the borrowings and thereby pushing the state into a deep financial crisis.

"As per the FRBM Act, the state's total debts should not cross 35 per cent of the GDP but the burden of the state in 2021 itself crossed 44.04 per cent," he pointed out.

Ramakrishnudu felt that the state government should realise the factual position and take urgent measures to prevent the state from moving into financial emergency.