Former Finance Minister Yanamala Ramakrishnudu has said that the YSR Congress Party governments actions are driving away investments, scuttling the rise in revenues and closing employment avenues, and thereby damaging the economy, and warned that people will one day take to the streets in protest against the retrograde measures.
Chief Minister Y.S. Jagan Mohan Reddy stated in his memorandum to Prime Minister Narendra Modi that there was an 8% fall in the Gross Value Added in four months and the per capita income slid by 17,000. These indicators point to the States precarious financial position, Mr. Ramakrishnudu stated in a press release on Saturday.
Mr. Ramakrishnudu stated that the prices of essential commodities had sky-rocketed in one month, and the overall inflation rate climbed up due to the governments policies.
Mr. Ramakrishnudu said that a detailed study of the TDP governments Vote-on-Account budget, the YSRC governments maiden budget presented by Finance Minister Buggana Rajendranath Reddy and the memorandum submitted by the Chief Minister to Mr. Modi would bring out irrefutable facts.
The infrastructure sector suffered a major blow due to reverse tendering and the withdrawal of the World Bank and the Asian Development Bank (ADB) from some projects, and the alleged expression of doubts by the State Bank of India (SBI) on the State governments creditworthiness should serve as an eye-opener for it, the former Minister said in the release.