YSRCP-led Andhra Pradesh govt financially irregular & indisciplined: State BJP's warning

PVN Madhav, the BJP Andhra Pradesh General Secretary and MLC, said that the Andhra Pradesh state unit will complain to the Central government about alleged financial irregularities and indiscipline of the YSRCP-led state government. Madhav slammed the state government and said that borrowings being raised by the state government will become a heavy burden on the state exchequer and the general public. He stated that the State government has no revenues but is borrowing indiscriminately.

MLC PVN Madhav alleges YSRCP- led state government indulging in financial irregularities

Madhav went on to say, "The state is misleading the Central government, Reserve Bank of India and other financial bodies and raising loans. It is violating Fiscal Responsibility and Budget Management Act (FRBM Act), 2003, (FRBM) norms, other guidelines by Central government". Madhav also said that the State government is raising debts showing future years' excise revenues as a guarantee and by opening escrow accounts. He questioned the state government and said, "On one hand the state government is speaking of liquor ban in the state in a phased manner, on the other hand, it is raising loans showing future income from excise revenues. Isn't it magic?". He further added,

"The state government is not spending the money on any development activities and is instead using it for distribution under various schemes. The Central government funds are also being diverted for money distributing schemes instead of using for appropriate purposes."

Andhra Pradesh government slammed by BJP leader over debt raising 

Last week, BJP leader Lanka Dinakar also slammed the YSRCP-led Andhra Pradesh government about the financial situation and the financial management by the state. He said that if not handled, the situation will turn similar to Venezuela (which has witnessed hyperinflation coupled with a shortage of food) and that the State is in a debt trap without any future revenue-generating productive assets. He added that funds are simply diverted for unproductive schemes to appease the few sections of the people to convert them as a vote bank. The Andhra Pradesh State Government had raised new debt of Rs. 19,714 Crore in April itself, the first month of the current financial year. This amount is 53% of the total estimated debt for the total financial year.

(IMAGE: ANI/ PTI/ MADHAVBJP - FACEBOOK)