‘Team Naidu’ working overtime to set the house in order, says Andhra Pradesh Finance Minister Payyavula Keshav

Andhra Pradesh Finance Minister criticizes YSRCP government for economic mismanagement, praises NDA government for financial rectification efforts.

Andhra Pradesh Finance Minister Payyavula Keshav said on Friday (November 15, 2024) that the “economic destruction” caused by the YSRCP government in 2019-24 forced the Union government to amend certain laws to rectify the financial position of Andhra Pradesh due to the fear that similar actions by other States could have far-reaching consequences for the nation.

The Comptroller & Auditor General of India (CAG) observed that it had access to only a part of the accounts, which the YSRCP government was supposed to submit for the sake of auditing.

The ruling coalition could not present a full-fledged Budget soon after its formation because of the policies of the YSRCP government, he siad.

More than 150 days after the NDA allies took the reins, banks were still serving notices asking for clearance of loans. “This speaks for the government’s poor credit rating, which is the fallout of the YSRCP’s fiscal profligacy,” Mr. Keshav said.

A substantial chunk of the loans was raised by the A.P. State Beverages Corporation and A.P. State Development Corporation against all norms, he added.

Replying to a general discussion on the 2024-25 Budget in the Legislative Assembly, Mr. Keshav said the State’s liabilities stood at approximately ₹9.75 lakh crore, and that the capital expenditure in 2019-24 was a measly 22% compared to the earlier TDP government’s 60%.

The implementation of 93 centrally-sponsored schemes came to a halt during the YSRCP regime, but out of them, the NDA Government revived 73 by paying about ₹6,000 crore towards the State’s share, he said, observing that the GSDP growth slid from 13.50% during the TDP reign to 10.50% in 2019-24.