News
Chandrababu Naidu may release white paper on AP finance | India News
VIJAYAWADA/NEW DELHI: TDP President and Chief Minister in Waiting N Chandrababu Naidu likely to release a white paper on the financial situation of Andhra Pradesh shortly after taking office, highlighting the enormous burden of the state’s debt, the terrible fiscal situation, deficient infrastructure and weak investment, both by the government and the private sector.
The white paper by Naidu, who is scheduled to take oath on June 12 in Amaravati, comes at a time when the Telugu Desam Party is likely to seek a special package for the state, pointing to the promise made to it at the time of the bifurcation that resulted in the creation from Telangana.
In the past, Andhra also demanded a special status for the state. TDP sources said the problem only grew as the Jagan Mohan Reddy government turned to loan-based spending, which once involved SBI borrowing against state government assets, something the Center was forced to stop.
The TDP has alleged that the YSRC government has increased debts beyond the state’s ability to repay. In his first press conference after winning the elections, Naidu indicated that no one knew the real situation of the State’s finances.
We have to see how many assets were mortgaged and how much debt was raised by giving guarantees or from companies, Naidu said and added that an in-depth study was needed to reveal the hidden information as the YSRC government was known to keep everyone in the dark by not publish not even government orders.
Naidu is known for doing a comprehensive review of all major departments and releasing white papers. Sources said that this time too, the first white paper to be released by him will be on the state’s finances.
Neelayapapem V Kumar, the TDP spokesperson, said that even a financial indicator is not satisfactory in Andhra. In fact, all indicators are sounding the alarm as the YSRC government has been increasing debt equal to its revenues.