Impose ‘financial emergency’ in Andhra Pradesh, ex-minister Yanamala urges Center – Reuters
VIJAYAWADA: Top TDP leader Yanamala Ramakrishnudu has urged the Center to impose a “financial emergency” in Andhra Pradesh to prevent the government of Jagan Mohan Reddy from pushing the state into irretrievable financial crisis. He stressed the need to invoke Article 360 of the Indian Constitution in the PA given the “extremely serious” nature of the budgetary and financial violations committed by the YSRC regime.
Speaking to the media on Saturday, Yanamala also demanded that the Center order a CBI investigation into the CAG’s comments on the “possible misappropriation” of Rs 48,284 crore of public funds in 2020-21. The CBI is also expected to find out why the YSRC government has been reluctant to provide four to five times the clarifications requested by the auditor. “If the Center does not intervene now, the financial situation of the PA will descend into an irremediable crisis in the near future. Based on the gross financial mismanagement of the Jagan Mohan Reddy government, the state debt will rise to Rs 8 lakh crore to Rs 9 lakh crore by 2024,” he warned.
The TDP leader said more than Rs 31,000 crore will be needed per year in the near future to repay interest and principal debt service. The YSRC regime made massive loans and resorted to massive corruption that plunged AP into a total financial mess in just three years. If the same mismanagement continues for the remaining two years of government, no one can save the PA from severe financial crisis, he noted. He accused the state government of violating the norms of FRBM law, treasury code, legislature and even court judgments.
Expressing serious concern over financial mismanagement, Yanamala said the CAG report raises doubts whether the ruling YSRC leaders misused Rs 48,284 crore for which the state government n was unable to show invoices. In 2020-21, the YSRC scheme spent Rs 1.73 lakh crore but failed to show proper invoices for the expenditure of Rs 48,284 crore. Since the state government was not giving clarification to the CAG’s requests, it could be concluded that the huge unaccounted funds went into the pockets of the YSRC leaders, he alleged.