Former Finance Minister and Leader of the Opposition in the Andhra Pradesh Legislative Council Yanamala Ramakrishnudu on Sunday accused Chief Minister YS Jagan Mohan Reddy of constantly lying about the State’s economy which “is in doldrums.”
In a statement, the TDP leader dared Mr. Jagan Mohan Reddy for a public debate on the State’s finances in the presence of the officials of the Comptroller and Auditor General (CAG).
He said the financial system was a very crucial sector as it impacted every family. “But the government is not coming up with facts about the enormous loans it has mobilized,” Mr. Ramakrishnudu said.
The former Finance Minister alleged that the YSRCP government was violating every rule in the book and constantly lying to cover its countless flaws.
He said the YSRCP government had not revealed complete facts to the constitutional and statutory institution such as CAG, which had said that the State government had not been submitting accounts and reports.
He said the Chief Minister was trying to mislead the people with claims such as his government had borrowed less than his predecessor.
“The total borrowings made by the governments at the Center from 1956 to 2019 were ₹2,53,000 crore, while the YSRCP government in the State mobilized loans worth ₹6,38,000 crore in its three-and-a-half-year rule. The figure might cross ₹11 lakh crore by the time Mr. Jagan Mohan Reddy demits office,” he said, adding that this was against ₹1,63,981 crore loans available by the TDP government in its five-year-rule.
He said the TDP government had allocated a major chunk of the borrowings to capital expenditure, while in the YSRCP dispensation, the loans were allotted under revenue expenditure.
Alleging lack of transparency, Mr. Ramakrishnudu said the State government, as pointed out by CAG, had not mentioned in its budget about the off-budget borrowings in 2019-20, 2020-21 and 2021-22 budgets.
“The State has also not made public about how much loans it has available through the various corporations and other institutions,” he said demanding that the balance sheets of the corporations be made available in public domain, and the Chief Minister explain about the real situation of the finances.
Mr. Ramakrishnudu ridiculed Mr. Jagan Mohan Reddy’s statement on the need to end corruption in the recent Cabinet meeting.
Referring to his claim that the YSRCP would sweep the 2024 elections by winning all the 175 seats, the TDP leader said the ruling party’s strength would be reduced to a single digit.