Former Andhra finance minister flags irregularities under TDP government
The YSR Congress Party (YSRCP) slammed the Chandrababu Naidu-led Andhra Pradesh coalition government, calling out what it described as 'undemocratic' and 'unprecedented' handling of public finances.Addressing a press conference, former Andhra Pradesh Finance Minister Buggana Rajendranath Reddy accused the government of pushing the state into a financial crisis, claiming that loans have ballooned to Rs 1.40 lakh crore without any clear explanation on where the money has gone.advertisement'There's no clarity on fund utilisation, and the promised welfare schemes during the election haven't even taken off,' Reddy said.APMDC'S FUTURE BORROWINGS PLEDGED?
Reddy also flagged what he called a dangerous precedent — pledging the future borrowings of the Andhra Pradesh Mineral Development Corporation (APMDC).'What's even more shocking is that a private entity has been allowed to access Reserve Bank of India (RBI) funds directly. This is not only unprecedented, it goes against established financial norms,' he said.He urged the government to explain how and why this was approved, warning that public sector undertakings like APMDC were being dragged into risky financial deals.NCDS FOR REVENUE SPENDING, NOT DEVELOPMENT?The YSRCP leader took particular issue with the government's move to raise money through Non-Convertible Debentures (NCDs), which he alleged were being used for revenue expenditure — day-to-day costs — rather than long-term capital projects that would drive development. He warned that the borrowing, which reportedly exceeds APMDC's annual revenue, would only deepen the state's financial burden."PRIVATE HANDS ON PUBLIC MONEY"advertisementWhile borrowing for infrastructure isn't unusual, Reddy said the decision to allow a private custodian of these bonds to directly tap into RBI financing raises serious concerns.'How can a private player get access to central banking funds meant for government borrowing? It's a dangerous mix,' he said.'WE HANDLED IT BETTER DURING COVID'Drawing a comparison with the previous regime, Reddy said the YSRCP government managed state finances better — even during the Covid pandemic.'We borrowed responsibly and spent transparently. Today, we have a coalition government that's borrowed Rs 1.40 lakh crore and still hasn't fulfilled its basic promises to farmers, students, or women,' he said.A CALL FOR ACCOUNTABILITYReddy ended with a warning: that the coalition's financial tactics are not just questionable—they risk eroding public trust. He urged the government to be more transparent and called for greater scrutiny from within the coalition itself.In response, the Naidu government has refuted the allegations, calling them baseless and unsubstantiated. It maintained that the funds are being raised transparently to boost infrastructure and expand mining projects.
IN THIS STORY#Andhra Pradesh
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