Andhra FM releases first white paper on state's financial condition

Andhra Pradesh Finance Minister Buggana Rajendranath on Wednesday released a white paper on the state's financial condition here.

While slamming the Naidu-led Telugu Desam Party (TDP) government, he stated in the paper: "Corruption and inappropriate allocation of funds by the previous government have pushed the state into a revenue debt to the tune of Rs 3.62 lakh crores."

Buggana further said that the state had seen worst statistics between 2014 and 2019. "The TDP government worked for its own benefit and neglected the development of the state. All the growth figures quoted by the TDP government are shallow, wrong and misinterpreted ones," he added.

Further, he said, "Though there is Rs 3.62 lakh crore debt in hand, the present Jagan Mohan Reddy-led YSRCP government will meet all the promises made to people in the mfesto. Developing human capital can resolve all the issues, so we consider spending on that as capital expenditure, not revenue expenditure."

He also blamed TDP for constructing temporary buildings by spending a massive amount of money when the state was undergoing through such a financial crisis.

Finance Minister Buggana Rajendranath Reddy will introduce the budget on July 12. On the very same day, agriculture minister K Kannababu will table the Agriculture Budget.

( With inputs from ANI )