On February 2024, former Andhra Pradesh Finance Minister Buggana Rajendranath criticized the current government’s fiscal management, stating it has led to a significant debt of Rs 3.4 lakh crore in just two years. In Hyderabad, Rajendranath, a senior YSRCP leader, expressed concerns over the state’s financial health, citing a revenue deficit of Rs 60,285 crore for the 2024-25 financial year. He claimed the state’s tax revenue growth has slowed down to 1.97 per cent, ranking Andhra Pradesh 22nd nationwide. Rajendranath contested the ruling coalition’s pre-election claims, stating that official figures from the Comptroller and Auditor General and the Reserve Bank of India reveal a different story. He noted that the previous YSRCP government maintained fiscal discipline despite the Covid pandemic, with an average fiscal deficit between 2.5 per cent and 2.6 per cent. In contrast, the current government’s own tax revenues are growing at a negative pace of -3.22 per cent between 2024-25 and 2025-26. Rajendranath also criticized the government’s reliance on a White Paper to justify its financial claims, calling it a political statement with no legal sanctity. He accused the government of suppressing the opposition and reiterated the demand for the YSRCP to be granted the status of Principal Opposition. The total debt incurred during the YSRCP’s five-year tenure was approximately Rs 3.3 lakh crore, achieved at a Compound Annual Growth Rate of 13.5 per cent, significantly lower than the 22.6 per cent CAGR recorded during the 2014-2019 TDP tenure.
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📰 Source: Mangalorean News