Finance Minister Buggana Rajendranath has refuted allegations made by the Telugu Desam Party (TDP) that Andhra Pradesh's debts significantly increased during the four years of Yuvajana Sramika Rythu Congress Party (YSRC) rule.
Rajendranath asserted, "The previous government (TDP) pushed the state into debt. However, the current government borrowed money within established norms. Claims that AP’s financial situation is dire are unfounded."
He clarified that the state government is restricted by fiscal responsibility and budget management (FRBM) norms, preventing borrowing beyond specified limits.
Addressing the media at the Secretariat in Velagapudi, Rajendranath highlighted a 16.70% revenue growth during the YSRC administration, contrasting it with the 6% growth during TDP's rule.
He criticized former minister Yanamala Ramakrishnudu, who wrote a letter to the finance secretary regarding the state’s financial challenges, accusing him of misleading the public on government debts.
Rajendranth emphasized that the YSRC government's borrowing was significantly lower than the TDP government's.
Over the past three years, the government borrowed Rs 3.72 lakh crore, with former minister Yanamala Ramakrishnudu allegedly exaggerating the figure to Rs 11 lakh crore to blame the YSRC government.
Regarding demands from state BJP chief Daggubati Purandeswari for a forensic audit on AP's debts, Rajendranath stated that such an audit was unnecessary. He pointed out that all financial figures were audited by the Comptroller and Auditor General (CAG), negating the need for a forensic audit.
Rajendranath clarified that of the total debt of Rs 3.72 lakh crore, Rs 1.18 lakh crore belonged to various corporations, with Rs 57,687 crore borrowed by the TDP government.
Regarding overdraft (OD) issues, Rajendranath stated that the YSRC government's performance surpassed the previous TDP government.
He cited higher capital expenditure, with the TDP government spending Rs 15,000 crore annually from 2014 to 2019, while the YSRC government spent Rs 18,300 crore annually from 2019 to 2023.
