Finance Minister Buggana Rubbishes TDP’s Allegations of AP’s Debts as Baseless

 - Sakshi Post

New Delhi: Rubbishing the allegations of Opposition TDP on Andhra Pradesh debts, the state Finance Minister Buggana Rajendranath Reddy said that the state's outstanding debt is less than the debt of other states, adding the state has not raised debt beyond the permissible limit. 

The state minister cited statistics in support of his claim that state debts were lower than those of other states.  He said Karnataka's debt was Rs 3.38 lakh crore in 2020, Rs.4.1 lakh crore in 2021, and Rs.4.61 lakh crore in 2022. Thus, Karnataka's debt increased by Rs 60,000 crore every year.

Buggana also touched upon the debts figures of neighbouring state Telangana. He said Telangana's debt also increased by Rs 45,000 crore a year. The state had Rs 2.25 lakh crore debt in 2020, and this mounted to Rs 2.67 lakh crore in 2021 and further to Rs 3.12 lakh crore in 2022. 

Condemning the attempts to create a panic among people and projecting Andhra Pradesh as the only state raising debt, the Finance Minister told reporters in Delhi that after the global pandemic Covidhit the country, every state government borrowed money and the Centre too raised its debt. 

Blaming the previous Telugu Desam Party (TDP) regime, the state minister said the Chandrababu Naidu-led government borrowed more and also crossed the Fiscal Responsibility and Budget Management (FRBM) limits between 2014 and 2019.

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He said after the State bifurcation, AP debts stood at Rs 1.35 lakh crore in 2014 and reached Rs 3.27 lakh crore by May, 2019. Dismissing the reports that the inflation rate in Andhra Pradesh is highest among states, Buggana said the inflation rate in Andhra Pradesh has been brought down to three per cent while the inflation rate in neighbouring Telangana is 4.13 per cent.

(With inputs from IANS)

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