Telugu Desam Party (TDP) leader Yanamala Ramakrishnudu on Tuesday flagged that Andhra Pradesh's total debt burden had crossed Rs 12.50 lakh crore and expressed surprise as to why either the Centre or the Reserve Bank of India (RBI) were not taking it seriously.


The former Finance Minister said that the state had "totally collapsed" after YS Jagan Mohan Reddy became the Chief Minister and the people have never witnessed such a dire situation.


According to an IANS report, Ramakrishnudu said that the YSRCP government not only created problems for the people of the state but also crippled the whole economy. He blamed CM Jagan solely for pushing the economy to its lowest level.


"Despite all this, the RBI is according permissions to the state to borrow more funds and the people in the coming days will be facing a massive burden of Rs 15,000 crore in the shape of revision of RTC and power charges and to meet the daily needs," Yanamala Ramakrishnudu said.


He stated that though the state government has been claiming that thousands of crores are being spent on welfare schemes, the report of the Comptroller and Auditor General (CAG) says that the funds are not reaching the beneficiaries completely.


By the time the YSRCP government completes its five-year term, the funds spent on the welfare schemes alone will reach Rs 2.70 lakh crore, he said, adding that the financial imbalances are increasing by the day.


"The CAG has mentioned in its report that Rs 48,000 crore has been misused in the 2019–20 fiscal year, while there is no account of Rs 1 lakh crore in the financial year 2020–21," he stated.


The TDP leader said this indicates that funds worth lakhs of crores are being diverted and expressed concern that in the coming days, the interest on these loans itself will be in the range of lakhs of crores per annum.


Ramakrishnudu also asked why salaries in lakhs are being paid to the advisors. "What additional qualifications do they have," he questioned, adding that public money should not be paid as salaries for political advisors.


He said this is causing a huge burden on the exchequer and asked how volunteers can be appointed with public funds.


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