We are not in debt trap: AP Finance Minister Buggana Rajendranath

Rajendranath Slams TDP

• Claims AP’s current debt (Rs 4.28L cr) is lower than under TDP (Rs 2.71L cr)
• Debt increase slower under YSRCP (12%) than TDP (22%)
• YSRCP tripled revenue growth over TDP (6% to 16.7%)
• Refutes claim of Rs 1.71 lakh crore unpaid bills
• Blames TDP for existing Rs 1500 cr CRDA bonds

Vijayawada: Andhra Pradesh Finance and Planning Minister Buggana Rajendranath on Thursday dismissed the allegations made by the TDP and other Opposition leaders on the State finances as ‘figment of imagination’ and said despite the setback suffered during the Covid-19 pandemic, the YSRCP government has performed exceedingly well in observing fiscal discipline.

Squarely blaming TDP national president N Chandrababu Naidu, Leader of Opposition in Legislative Council Yanamala Ramakrishnudu and other senior leaders for quoting different figures on multiple occasions on loans obtained by the State, he reeled out figures before the media at Velagapudi to claim that the condition of AP finances now is better than the situation prevalent during the five-year stint of Chandrababu Naidu from 2014.

He also wanted the basis on which both Naidu and Ramakrishnudu, who served as Finance Ministers of the undivided Andhra Pradesh, on which they arrived at figures without quoting reports submitted by CAG, Reserve Bank of India and Ministry of Finance.

He also blamed a section of the media close to the TDP for not verifying facts on the allegations and projecting as if AP has been pushed to debt trap after YS Jagan Mohan Reddy took reins of the State after forming the government in 2019.

Rajendranath said compared to the erstwhile TDP rule, the debts taken by the YSRCP regime is very less though revenue realisation fell drastically during the impact of pandemic from 2020 for a couple of years.

Referring to Naidu’s charge that the State had borrowed loans amounting to Rs 13 lakh crore, he demanded on what basis he had arrived at the figure. Some other leaders contradicted his charge by saying that the YSRCP regime’s borrowings were in the range of Rs 7 lakh crore to Rs 10 lakh crore.

Pointing out that Covid was a big blow to the financial situation of the State, no loan could be borrowed without the knowledge of RBI, Ministry of Finance and banks. “On what basis are the Opposition parties talking about the economic situation of AP? The total debt of Andhra Pradesh government is Rs 4.28 lakh crore as against a debt of Rs 2.71 lakh crore in the TDP government during 2014-19.”

The Finance Minister said the debt has increased by 22 per cent during the 5-year TDP government whereas only 12 per cent rise is recorded during the YSRCP government’ during the last four and half years. He said during TDP rule, the revenue return was 6 per cent as against 16.7 per cent after the YSRCP government was formed. “We are getting our share of funds from the Centre. There was 5.3 per cent unemployment during Naidu’s tenure in 2018-19.”

He also described as false the allegation that the bills to the tune of Rs 1.71 lakh crore have not been cleared due to financial mess. While making allegations, the TDP leaders also blame the YSRCP for the CRDA bonds of Rs 1500 crore which were taken during the previous regime.

Rajendranath also found fault with Naidu for accepting the package instead of insisting on Special Category Status when he was an influential member of the BJP-led National Democratic Alliance (NDA). He said both the Congress and the TDP were jointly responsible for the unscientific bifurcation of Andhra Pradesh. He also staked claim to the YSRCP government for its efforts to complete the Polavaram project.