The previous YSR Congress Party government pushed Andhra Pradesh into financial trouble by accumulating numerous debts over the past five years.
Retired IAS officer Dr PV Ramesh stated that currently, the state’s expenditure is higher than its income. He said that the state is getting a revenue of Rs. 483 crores daily whereas the spending is around Rs. 655 crores daily, resulting in an additional burden of around Rs. 172 crores.
Speaking at a recent meeting in Guntur, PV Ramesh went on to say that the state government is paying an interest of Rs. 78 crores for the debts.
“The entire financial system was damaged under YSRCP’s government. The debts have risen to Rs. 14 lakh crores. The administrators of the previous government didn’t focus on development and welfare,” he stated.
PV Ramesh said that AP was on a developmental route during Chandrababu Naidu’s rule in 2014-19. He recalled that various companies from China, Japan, and South Korea came forward to invest in the state at that time.
He said that companies from only South Korea were ready to invest more than Rs. 1000 crores in the state at that time but due to the unfriendly governance of Jagan Mohan Reddy after 2019, all those companies backed off.
He said that there is a need for better educational facilities and skill development facilities in the state right now. He also suggested bringing necessary changes to the Land Administration Act to eradicate irregularities and illegal land grabbing.
