Telugu Desam Party (TDP) leader Yanamala Ramakrishnudu on Sunday alleged that the YSRCP government had been resorting to economic violations since it came to power in the State, which was in ‘deep financial crisis’.
In a statement, the former Finance Minister accused the ruling party of ignoring budgetary proposals and defying the Fiscal Responsibility and Business Management (FRBM) norms. “The letter written to the State by Union Finance Secretary T.V. Somanathan reflects this fact,” he said.
Mr. Ramakrishnudu alleged that the YSRCP government had bypassed the Comprehensive Financial Management System (CFMS) and paid the bills through backdoor.
Treasury Code
“In total contravention of the Treasury Code, the government has paid bills amounting to a whopping ₹48,284.32 crore to its close associates. To shield the unauthorised acts, it issued G.O. 80,” alleged Mr. Ramakrishnudu.
The TDP leader said that there were no accounts available for the ₹1.04 lakh crore raised under ways and means and an additional ₹31,000 crore overdraft (OD). The ₹8,305 crore raised through liquor bonds and an additional ₹25,000 crore loans were acquired in violation of the norms under Article 293 (3) of the Constitution, he alleged, adding that in terms of borrowing funds, the YSRCP was in the top position in the country.
He said in the last three years, the State government had raised funds through OD for 306 days, in 2019-20 for 57 days, in 2020-21 for 103 days and in 2021-22 for 146 days, while the TDP had gone for OD for 35 days during its five-year tenure.
Mr. Ramakrishnudu said that the Chief Minister’s lack of experience was clearly reflected in the economic crisis the State was facing. There were no investments and the unemployment rate had gone up to 12 %, he said.
