Telugu Desam Party MLC P. Ashok Babu has demanded that the State government release a White Paper on the State’s financial situation in view of the alarming reports that even Prime Minister Narendra Modi had taken a very serious view of the excessive loans taken by it in violation of the rules and FRBM limits.
Addressing a press conference on Friday, Mr. Babu said the State government was in such a position that it could not even pay the salaries to its employees next month. Chief Minister Y.S. Jagan Mohan Reddy and Finance Minister Buggana Rajendranath Reddy owed an explanation to the people on the deep financial crisis and resultant reports about the Prime Minister’s concern.
The government and the ruling YSRCP leaders were propagating lies on the loans of the State. In just two years, the YSRCP regime availed itself of over ₹2.40 lakh crore worth loans. The overall debt burden of the State now came to over ₹5 lakh crore. The government got ₹2 lakh crore revenue in the past two years, while it spent ₹95,000 crore on the welfare programmes. The Union government was now stopping all new loans just because the State government was taking massive loans disproportionate to its revenue. “If the Chief Minister does not clarify, it would be deemed that the Prime Minister had taken a serious view,” he added.
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