AP incurred Rs 9.74 lakh crore debt during YSR Congress period: CM Naidu
VIJAYAWADA: Chief Minister Nara Chandrababu Naidu has said Andhra Pradesh incurred a debt of 9.74 lakh crore during the YSRC rule while the state’s revenue earnings have decreased.
He released a White Paper in the state Assembly on Friday on AP’s current economic status and “financial irregularities” during the YSRC rule.
Naidu said he would not betray the people's trust in him. “The state has suffered more in the past five years than before the bifurcation. The YSRC government is squarely responsible for the present financial crisis that the state is experiencing,” Naidu asserted.
The Chief Minister said the state has suffered heavily as the development of the capital city of Amaravati remained stalled. The revenue has fallen heavily as the capital expenditure has been reduced, he said.
“Funds meant for various programmes have been diverted in the last five years, while the public property had been mortgaged to raise loans. By June 2024, the debt burden on the state will be a whopping Rs 9,74,556 crore. This is likely to go up much further," he observed.
Expressing serious concern over the current scenario, Naidu told the members "If all of us come to an understanding on what has happened between 2019 and 2024, we all will get a clarity on the future course of action."
The CM explained, “the injustice done to the state during the 2014 bifurcation and the loss it suffered as Hyderabad went to Telangana. The urban areas in AP are very limited in number compared to Telangana, due to which the revenue is very limited.
"A total of 58 per cent of the population had to survive with merely 48 per cent of the revenue that the state was allocated under the bifurcation formula," he said.
Pointing out that `15,364 crore was spent on Polavaram, Naidu said had the TD continued in power after 2019, the project would have been completed by 2021. “Another diaphragm wall needs to be built now in order to ensure that there will be no problem to continue with the completion of the project.”
He said, "The Land Titling Act was repealed. The monthly pension has been increased to Rs 4,000, a notification has been issued to fill 16,347 teacher posts through Mega DSC and skill census too has been taken up. There still are certain our poll promises to be fulfilled as part of the Super Six," he admitted.
"For the future development of AP, the Centre should release the funds and we too have to work hard. No doubt, we do not have funds now but we have ideas and experience. Pawan Kalyan, is very keen on development and this will certainly take us forward," Naidu stressed.
- Chief Minister N. Chandrababu Naidu said AP’s debt as on March 31 2019 was Rs 3,75,295 crore.
- Total debt & liabilities as on June 12, 2024 are of Rs 9,74,556 crore.
- Under total debts and liabilities, government debt is Rs 4,38,278 crore, public account liabilities Rs 80,914 crore, corporation debt `2,48,677 crore, dues to civil supplies for subsidy `36,000 crore, dues to power sector Rs 34,267 crore, outstanding dues to vendors & schemes Rs 1,13,244 crore, outstanding dues to employees Rs 21,980 crore and non contribution to Sinking fund Rs 1,196 crore
