Yanamala Ramakrishnudu, the Leader of Opposition in Andhra Pradesh Legislative Council and a member of the Telugu Desam Party (TDP), has expressed concern over the state’s total debt burden, which has crossed Rs 12.50 lakh crore. Ramakrishnudu alleged that the state has “totally collapsed” since Y S Jagan Mohan Reddy became the Chief Minister, and the people have never witnessed such a dire situation. He questioned why neither the Centre nor the Reserve Bank of India (RBI) was taking the situation seriously. Ramakrishnudu also criticized the YSRCP government for creating problems for the people of the state and crippling the economy. He expressed serious concern that every individual now carries Rs 5.5 lakh debt on their head, and the outstanding debts will go up further by March 2024. Despite this, the RBI is according permissions to the state to borrow more funds, and the people will be facing a massive burden of Rs 15,000 crore in the shape of revision of RTC and power charges and to meet their daily needs. Ramakrishnudu pointed out that, according to a report by the Comptroller and Auditor General (CAG), funds allocated for welfare schemes are not reaching completely to the beneficiaries. He stated that financial imbalances are increasing day by day, and funds worth lakhs of crores are being diverted. Ramakrishnudu also criticized the payment of salaries in lakhs of rupees to advisors and political volunteers with public funds, which is causing a huge burden on the exchequer. He called for the union government and RBI to intervene and initiate proper steps to correct the situation.
