Jagan Going In For Indiscriminate Borrowings

August 12, 2020

The ruling YSR Congress party in Andhra Pradesh, which had accused the previous Telugu Desam Party government led by N Chandrababu Naidu of pushing the state into a debt trap by resorting to massive borrowings, has been doing the same and that, too, on a bigger scale.

If the Naidu government had borrowed nearly Rs 2 lakh crore in a span of five years, the present Jagan Mohan Reddy government had indulged in indiscriminate borrowing of loans to the extent of Rs 1 lakh crore in just one year.

This was pointed out by senior TDP legislator from Rajahmundry Gorantla Buchaiah Chowdary. He alleged that the Jagan government had indulged in huge borrowings in the name of funding Navaratnalu schemes.

“In a span of one year, the state government had borrowed nearly Rs 1 lakh crore and as if it is not enough, it is looking for huge external borrowings, crossing the limits imposed under Fiscal Responsibility and Budgetary Management (FRBM) Act,” Chowdary said.

What is worse, the government has also been selling the public properties and lands to make money. “Except spending on doling out sops to the people in the name of welfare, the Jagan government has not spent a rupee on a single development work, including projects and roads,” he alleged.

The TDP leader reminded that during the Chandrababu Naidu regime, the government had spent huge amounts on infrastructure projects like roads, electric substations, irrigation projects like Pattiseema and Polavaram.

“But what is the present government doing with the borrowed loans? It has diverted even the Covid-19 funds granted by the Centre,” Chowdary alleged.