In a recent press conference held in Tadepalli, Y.S. Jagan, the leader of the Yuvajana Sramika Rythu Congress Party (YSRCP), accused former Chief Minister N. Chandrababu Naidu of leading the state into economic devastation during his administration. Jagan cited a report from the Comptroller and Auditor General (CAG) as evidence, claiming it illustrates the financial mismanagement under Naidu’s rule.
Jagan expressed deep concerns over the significant decline in state revenue and the soaring expenditures attributed to Naidu’s government. He stated that the financial discrepancies highlighted in the CAG report were reflective of the issues he has been raising. According to Jagan, the total expenditure of the government for the fiscal year 2023-24 reached a staggering ₹2,36,486 crores, while revenues fell short at ₹1,70,767 crores, resulting in a revenue deficit of ₹32,680 crores and a fiscal deficit of ₹62,719 crores.
The YSRCP leader pointed out that in the first year of Naidu’s return to power, the state’s expenditure surged to ₹2,49,096 crores, but revenues only amounted to ₹1,68,024 crores, leading to a revenue shortfall of ₹60,285 crores. Jagan emphasized that under Naidu’s leadership, the revenue deficit increased by 56%, while the fiscal deficit rose by 32.5%. He firmly stated, “Naidu’s governance has been nothing but economic destruction.”
Jagan also highlighted the contrast between his government and Naidu’s in terms of borrowing. He claimed that during the YSRCP’s tenure, the state maintained a borrowing percentage of 4.1%, which is significantly lower than Naidu’s administration, where borrowing exceeded the permissible limits. Jagan argued that Naidu borrowed ₹29,099 crores more than allowed between 2014 and 2019, while during the YSRCP’s governance, they borrowed ₹12,708 crores less than the limit.
The leader further criticized Naidu for misrepresenting financial data, stating that the CAG report indicated a debt projection of ₹81,082 crores for the year 2024-25, while Naidu had falsely claimed the figure to be ₹60,485 crores. Jagan announced plans to write to the central government regarding this misinformation, addressing relevant authorities including the Department of Personnel and Training (DoPT) and the Finance Secretary.
Jagan expressed frustration over the lack of financial growth in Andhra Pradesh, attributing it to corruption and mismanagement linked to Naidu and his associates. He claimed that land worth ₹5,000 crores in Visakhapatnam was misappropriated, and that Naidu’s close relatives benefited from these transactions. “How can the state generate revenue when such rampant corruption persists?” he questioned.
In closing, Jagan reiterated his commitment to ensuring that the state’s finances remain stable and transparent, contrasting the fiscal discipline of his administration with what he described as Naidu’s reckless borrowing and economic mismanagement. As the political landscape in Andhra Pradesh continues to evolve, the focus on economic health and governance will undoubtedly remain a pivotal issue leading up to the next elections.
