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CM Chandrababu Naidu Releases White Paper, Alleges Rs 7 Lakh Crore Loss Under Jagan Mohan Reddy’s Government
Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday released a White Paper in the state assembly accusing the previous Jagan Mohan Reddy-led YSRCP (Yuvajana Sramika Rythu Congress Party) government of causing a loss of Rs. 7 lakh crore to the state’s economy. The white paper highlighted ‘inefficiencies’ and ‘mismanagement’ under the previous government.
“Andhra Pradesh was growing faster than Telangana from 2014 to 2019, but the economy was destroyed from 2019 to 2024 with farmers' incomes falling and debts rising,” said the Andhra CM in the assembly.
Chandrababu Naidu reportedly alleged that under leadership of Jagan Mohan Reddy the growth rate of service sector in Andhra dropped from 10.33 % to 9.9% and the growth rate of agriculture had declined from 16 % to 10.3 %. The document alleged that the Polavaram project lost around Rs. 45,000 crores and other damages in the state lost around Rs. 7,900 crores.
In addition, Naidu stated that the cost of power increased under the YSRCP regime due to short-term power purchases added an extra burden of Rs. 12,250 crore and also alleged that illegal sand mining led to a loss of Rs. 7,000 crore for the state.
The Telugu Desam Party (TDP) Chief said that the state's debt rose from Rs. 3.75 lakh crore on March 31, 2019 to Rs. 9.74 lakh crore by June 12, 2024 and alleged Reddy’s government of looting of natural resources, anti-industrial policies and changes to the capital city plan. He charged that the purported looting of mineral wealth resulted in a revenue loss of Rs. 9,750 crore for the state and said the cancellation of the Amaravati city project and energy contracts had destroyed investor confidence and damaged the state's brand image.
Andhra Pradesh’s new capital Amravati which was Naidu’s brainchild and got floated during his first ministerial term got a special financial support package of Rs. 15,000 crore announced by Finance Minister Nirmala Sitharaman in the Union Budget.
