Andhra's Loan Crisis: YSR Congress Slams Naidu Govt's 'Doublespeak'

Speaking to media here on Sunday, former finance minister Buggana Rajendranath said that the exorbitant loans taken by the state do not reflect in the welfare measures.

Further, the diminishing revenue receipts give a clear picture of Chief Minister Chandrababu Naidu's inefficiency in wealth creation, he said.

"The coalition has so far taken over Rs 2.66 lakh crores and still the welfare schemes are either limping or did not take off. The Super Six is a flop as none of the schemes are being implemented as promised during elections. Unemployment stipend is not being given, Aadabidda Nidhi and pensions are not implemented in full and farmers are not given what was promised to them," the former minister said.

The YSRCP leader claimed that the state has leaped to the first spot from fourth place in taking loans during the last 18 months but the false propaganda is going on.

He stated that the same persons and media that raised a hue and cry on YS Jagan Mohan Reddy for adopting certain financing means for securing borrowings, are now silent on the TDP-led NDA government resorting to borrowings in a crude manner and in a least transparent manner.

The YSRCP leader said Chandrababu Naidu and his publicity mechanism had objected most vehemently, when the YSRCP government had borrowed monies through issuance of NCDs (Non-Convertible Debentures) leveraging on proceeds of liquor sales to meet the welfare expenses. "Now the TDP Government is borrowing through the same structure. The stand of the TDP is such that when they are in opposition such financing structures are equivalent to crimes and when they are in power, such financing structures contributes to wealth creation," he said.

Rajendranath challenged the TDP to either clarify to public that the financing structure that they described as a fraud, when in opposition and are now adopting for raising borrowings was part of a scheme perpetrated by the TDP in opposition for misleading the people or convey to people that despite believing such financing structure to be a fraud, they are now adopting it.

"Further, the present Government has also pledged the future borrowings of the Mineral Development Corporation and even gave access to private persons to the state exchequer which is unconstitutional," he said.

He alleged that the coalition government has been taking loans in the name of corporations and has been diverting the funds for other purposes and lacks accountability. The national media has described Chandrababu Naidu as an aggressive borrower, but still he keeps blaming us on loans taken, telling different people different figures at different occasions, he said.

"Chandrababu Naidu has been blatantly telling that the YS Jagan Mohan Reddy government has erred in financial management while the reality is otherwise," he added.

- IANS