Andhra Pradesh’s finances sound, says Jagan

‘The TDP and its friendly media are trying to present a poor picture’

September 16, 2022 10:09 pm | Updated September 17, 2022 09:50 am IST - GUNTUR

Y.S. Jagan Mohan Reddy

Y.S. Jagan Mohan Reddy

Chief Minister Y.S. Jagan Mohan Reddy has said that the State’s finances are in sound health and no one need fear about it.

“I want to convey to the MLAs and the people that the financial condition of the State is in sound health and there is no need to fear about its financial stability,” Mr. Jagan Mohan Reddy said in the Legislative Assembly during a discussion on Finances through a PowerPoint presentation on Friday.

Comparing the many financial indicators between the TDP’s term and the present government, Mr. Jagan Mohan Reddy said that in spite of the sound financial condition, the TDP and its friendly media were trying to present a poor picture of the State’s financial health.

“I am happy to say that demand for goods and consumption capacity of the people have not gone down, as we have placed money directly in the hands of the people by implementing welfare schemes through Direct Benefit Transfer,” he said.

“Andhra Pradesh, with 6.89% GDP, is the sixth in the country. During the TDP’s term, the GDP growth rate was 5.36%. In the year 2021-22, we registered 11.43% GDP growth, which is the first in the country. Andhra Pradesh’s share in the nation’s GDP is 5%, while it was 4.45% during the TDP term. Even during COVID-19, the State stood fourth in the country along with Manipur, Tamil Nadu, West Bengal,” said Mr. Jagan Mohan Reddy.

Regarding the State’s debt, he said that at the end of the TDP’s term, the State had ₹2.69 lakh crore debt, which had risen marginally to ₹3.82 lakh crore at the end of March 2022.

Even while comparing Capital expenditure, the YSRCP government had spent ₹55,086 crore during the last three years, while the entire Capital expenditure during the TDP’s regime was ₹76,135 crore.

The State continued to get a raw deal in devolution of Central taxes. While 42% of the State’s share was under 14th Finance Commission, it was down to 41% in the 15th Finance Commission.

In spite of this, the State government continued to implement welfare schemes with a zeal to improve the living conditions of the people, he said.

“I want the people of the State to understand the reality, while a vicious negative campaign has been unleashed by the TDP and its friendly media,” said Mr. Jagan Mohan Reddy rounding off the debate.

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