Situation warrants financial emergency, says the TDP leader
Telugu Desam Party (TDP) Polit Bureau member and leader of the Opposition in the Legislative Council Yanamala Ramakrishnudu has expressed the view that the situation in the State warrants financial emergency as per the Article 360 of the Indian Constitution.
In a statement on Thursday, Mr. Ramakrishnudu said that the Capital expenditure was ₹10,000 crore less when compared to last year. It means, the government expenditure on social infrastructure was nil. The infrastructure development in the medical and education sectors was nothing. Same was the case with Roads and Buildings (R&B), drains, and drinking water schemes.
The per capita income slipped to minus 16% during this financial year.
The revenue deficit skyrocketed. It was estimated that the share of debts to the Gross State Domestic Product (GSDP) was 27% but likely to touch 37% due to the government’s mismanagement, said the TDP leader.
‘Per capita debt rising’
The per capita debt was increasing day by day. The total outstanding liabilities touched ₹ 4.68 lakh crore. There was no control over interest payments, he said.
It was pertinent to mention here that Union Minister Suresh Prabhu has asked the Union Finance Minister Nirmala Sitaraman to take stringent measures to check the financial mismanagement before things go out of control. It was pointed out that the Jagan government crossed all possible limits of borrowing capacity, he said adding, the government should come out of deep slumber and take necessary steps to control the State finances.
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