Jagan slams TDP-led govt for lack of fiscal discipline
He alleged that the Andhra Pradesh Mineral Development Corporation (APMDC) non-convertible debentures (bonds) were issued at a coupon (interest) rate of 9.3 per cent, which is 2.6 per cent higher than the prevailing state development loan (SDL) rates.
He posted on social media platform X that owing to the high interest rate, the additional yearly burden on the APMDC is to the tune of Rs 235 crore.
He asked Chief Minister N Chandrababu Naidu to explain who pocketed this amount.
'It is learnt that, on June 25, 2025, APMDC concluded the second tranche of its NCD (bond) issuance at a coupon (interest) rate of 9.3 per cent and raised Rs 5,526 crore, taking the aggregate value of the issuance to Rs 9,000 crore. This is despite the matter being admitted by the Andhra Pradesh High Court and notices served. Further, it is quite apparent that the proceeds of the issuance would be utilised for financing government revenue expenditure,' he posted on X, tagging Union Finance Minister Nirmala Sitharaman, Prime Minister's Office and others.
'Despite this, the APMDC NCDs (bonds) were issued at a coupon (interest) rate as high as 9.30 per cent, which is 2.6 per cent higher than the prevailing SDL rate. Owing to the high interest rate, the additional yearly burden on the APMDC is to the tune of Rs 235 crore and the term of NCDs is understood to be 10 years.'
The former CM alleged that in total disregard to the constitutional provisions, the government granted private parties access to the consolidated fund of the state through RBI direct debit mandate, owing to which, private parties can access the state exchequer and withdraw funds without any requirement of any action from the state government officials.
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