Former finance minister and TDP leader, Yanamala Ramakrishnudu, on Monday expressed surprise as to why either the Centre or the RBI were not taking it seriously when the State’s total debt burden has crossed a whooping Rs 12.50 lakh cr.
“The State has totally collapsed after Jagan Mohan Reddy has become the Chief Minister and the people have never witnessed such a dire situation,” Ramakrishnudu told media persons. Still, why is either the Centre or the RBI not taking the situation seriously, the former Finance minister asked.
Observing that the YSRCP Government not only created problems for the people of the State but also crippled the whole economy, Yanamala felt that Jagan has the credit of pushing the economy to the lowest level. Expressing serious concern that every individual carries Rs 5.5 lakh debt on his or her head now, he said that by March 2024, the outstanding debts will go up much further.
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 cr in the shape of revision of RTC and power charges and to meet the daily needs, Ramakrishnudu maintained.
Though the State Government has been claiming that thousands of crores are being spent for welfare schemes, the report of the CAG says that the funds are not reaching completely to the beneficiaries, he pointed out.
By that time the YSRCP Government completes its five-year term, the funds spent on the welfare schemes alone reachesn Rs 2.70 lakh cr, he said adding that the financial imbalances are increasing by the day. The CAG has clearly mentioned in its report that Rs 48,000 cr has been misused in the 2019-20 fiscal while there are no accounts for Rs one lakh cr in the financial year of 2020-21, he stated.
The CAG also mentioned in its report for 2021-22 that accounts for 1,18,000 cr have not been shown, Yanamala said and asked what the State Government is doing with these funds without giving the details of the accounts. This clearly indicates that these funds worth lakhs of crores are being diverted, the former Finance minister said and expressed concern that in the coming days the interest on these loans itself will be in lakhs of crores per annum.
