YSRCP chief YS Jagan Mohan Reddy held a press conference to counter allegations made by former Chief Minister Chandrababu Naidu regarding Andhra Pradesh’s financial situation. Jagan Reddy accused Chandra babu Naidu of spreading misinformation and diverting attention from unfulfilled election promises.

“Chandrababu Naidu has a habit of changing the subject when faced with problems, starting from NTR’s backstabbing,” Reddy stated. He suggested that Naidu’s recent claims about the state’s finances were an attempt to avoid presenting the budget and escape accountability for election promises.

Reddy urged the media to accurately report his statements, countering Naidu’s claim that Andhra Pradesh’s debt has reached Rs 14 lakh crore. He accused AP CM of misleading the public and even influencing the Governor to cite an inflated figure of Rs 10 lakh crore in his speech.

Citing CAG and RBI documents, Reddy presented what he called the “exact loan amount” of the state:

– As of June, Andhra Pradesh’s debt was Rs 5,18,000 crore, up from Rs 2,71,000 crore at the end of Naidu’s term.
– Government-guaranteed debts increased from Rs 50,000 crore at the end of Naidu’s term to Rs 1,06,000 crore under Reddy’s administration.
– Including power sector liabilities, the total rose from Rs 86,215 crore to Rs 1,23,467 crore.

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Jagan Reddy stated that the total debt at the end of his term was Rs 7,48,000 crore, compared to Rs 4,08,000 crore when he took office. He highlighted that the compound annual growth rate of liabilities decreased from 21.63% under Naidu to 12.90% during his tenure.

The YSRCP leader also cited the Central Economic Survey, which reportedly praised the state government’s financial management. According to Jagan Reddy, the survey noted, “State governments continued to improve their finances. Gross fiscal deficit has been lowered to Rs 9.1 lakh crore. Quality spending by the state government has improved.”

YS Jagan Reddy claimed that as per a statement in the Rajya Sabha, Andhra Pradesh’s debt by March 2024 would be Rs 4,85,000 crore. He also pointed out that the state’s share in central taxes as a percentage of GSDP decreased from 3.72% during Chandra babu Naidu’s regime to 2.92% under YSRCP, attributing the drop to the COVID-19 pandemic.

In closing, Jagan Reddy noted that when he took office as Chief Minister, the state revenue was only Rs 100 crore, but it now ranges between Rs 7,000 crore to Rs 8,000 crore.

-Sanyogita