TDP Polit Bureau member Yanamala Ramakrishnudu has said that the Central government’s letter to the State government on borrowings indicate the poor financial condition of State.
“There is an undeclared financial emergency in the State. The government may not be able to come out of the crisis in the near future,” he said.
In a statement on Friday, the former Finance Minister said the Centre’s directions on capital expenditure and borrowings showed the pathetic position of the finances.
“The Centre will review the capital expenditure every quarter. It will leave no leverage to the State. It will have to follow the advice. Else, it will attract an embargo on inflow of finances from the Centre and financial institutions,” he said.
The per capita income was 15% during the TDP rule, which slipped to 1.03% now, he said. There was a continuous double-digit growth for five years during the TDP term, he added. This was brought down to a single digit now. “There is a slide in the GSDP as well. Inefficiency, inexperience, corruption, have impacted the State. The people are at the receiving end,” he alleged.
