While calling the bluff of the TDP and its friendly media on the State’s finances, the YSR Congress Party, in its rebuttals backed by facts and figures, has asserted that the State’s financial management and fiscal discipline are better.
Addressing the media here on Friday, Finance Minister Buggana Rajendranath Reddy said the State had done well despite COVID-19, and that its debt was “well under control vis-a-vis the TDP term.”
Mr. Rajendranath Reddy said the annual debt growth rate during the previous government’s term between 2014 and 2019 was 19.2%. It was brought down to 15.77% by the YSRCP government, he added.
The fiscal deficit was 4% of the GDP on an average during the previous government’s term, while it was 2.10% during 2021-22, the Finance Minister said, and slammed the Opposition for comparing the State with the crisis in Sri Lanka, and reminded that the government had disbursed ₹1.46 lakh crore directly into the accounts of the beneficiaries in a transparent manner under the Direct Benefit Transfer (DBT) schemes and spent another ₹44,000 crore on Non-DBT schemes.
The Minister said NREGS works costing ₹27,448 crore were done in last three years against ₹27,340 crore spent by the TDP government during its term.
He further said the average rate of interest for borrowing loan during the TDP term was 8%, while it was 7% at present.
‘Malicious propaganda’
Accusing the Opposition of indulging in malicious propaganda on the 14th and 15th Finance Commission funds, Mr. Rajendranath Reddy said the State government had cleared pending arrears of ₹2,200 crore towards electricity charges of the local bodies.
The average investment between 2014 and 2019 in large and medium projects was ₹11,994 crore, while it was ₹13,201 crore at present, the Finance Minister said, and added that the rank of the State in exports improved under the YSRC government.
“The data proves that the TDP and its friendly media have been constantly and blatantly misleading the people on the State’s finances,” the Minister said.
