Fiscal Turmoil: Reddy Accuses TDP of Financial Mismanagement
Former Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy criticized the TDP-led NDA government for exceeding the borrowings incurred by the previous YSRCP regime in just 13 months. He alleged constitutional violations in financial transactions and raised concerns over high-interest bond issuances by the Andhra Pradesh Mineral Development Corporation.
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In a blistering critique, former Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy accused the TDP-led NDA government of lacking fiscal discipline. He highlighted that borrowings have surpassed half of the previous YSRCP regime's total in a mere 13 months.
Reddy pointed to the Andhra Pradesh Mineral Development Corporation's controversial bond issuance at a 9.3% coupon rate, raising questions about fiscal prudence. Despite ongoing legal matters, APMDC went ahead with a second tranche, significantly inflating the state's financial commitments.
The opposition leader alleged that the government's financial decisions, including granting private parties access to the state's consolidated fund, violate constitutional provisions. Reddy also underscored the uninformed mortgaging of mineral wealth as security for bonds, terming it unprecedented.
(With inputs from agencies.)
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