State in ICU due to worsening financial crisis: Pattabhi
Urges Buggana to clarify on overuse of OD and advances
AMARAVATI: TDP national spokesperson K. Pattabhi Ram on Thursday accused the YSRCP Government of causing the worst financial crisis in Andhra Pradesh that no other State was experiencing in the country since the Covid-19 outbreak.
Pattabhi Ram said alarming facts came out about AP after the RBI released its report on the financial performance of States between April and November, 2021.
Addressing a press conference here, the TDP leader said in just eight months, the AP State used the special drawing facility, ways and means advances and overdrafts up to Rs. 32,217 Cr. All the 29 States put together utilised an OD of Rs. 97,075 Cr during this period. AP alone used a third of this OD.
Pattabhi Ram deplored that AP became the worst hit of all the States in terms of financial crisis. It stood in first place in ways and means advances and over drafts. Despite the deepening financial problems, the YSRCP regime was trying to bring more multi-crore loans with total disregard for financial discipline.
The TDP leader said that over 11 States in the country did not use any ways and means despite the Covid crisis. Over 22 States did not use OD facility and 15 States did not utilise the special drawing facility. These States did not use the pandemic as an excuse. On its part, the AP Government went for overdraft for 112 times and for ways and means advances for 193 times.
Pattabhi slammed the Jagan Reddy regime for using the Coronavirus as a pretext to bring more loans thereby pushing the State into a deeper financial mess. It was alarming that AP used 32.7 percent of the country’s ways and means funds. The State got the dubious distinction of using 46.4 percent overdraft.
Strongly criticising the YCP rule, the TDP leader said that the AP financial situation was stuck in a crisis that not even the North Eastern States have witnessed so far. AP’s neighbouring States like Tamil Nadu, Karnataka and Orissa did not use advances under any account from the RBI. Large States like Maharashtra, Madhya Pradesh, Gujarat and Bihar had also adhered to financial discipline.
Pattabhi Ram demanded that Finance Minister Buggana Rajendranath Reddy should come out of self imposed exile and make a statement on the AP crisis. Dependence on RBI’s huge advances indicated how the AP financial situation was stuck in an ICU.
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