YSRCP flags 'Unconstitutional' move in Andhra Pradesh's APMDC bond plan; government refutes allegations
Former Andhra Chief Minister Jagan Mohan Reddy Arrested in Attempt to Murder Case
Amaravati: The YSR Congress Party (YSRCP) has raised serious concerns over the Andhra Pradesh government's decision to raise funds through the Andhra Pradesh Mineral Development Corporation (APMDC), alleging it violates constitutional and financial norms.
Addressing the media on Thursday, former finance minister Buggana Rajendranath Reddy criticized the reported plan to issue Non-Convertible Debentures (NCDs) worth Rs 9,000 crore, arguing that the borrowings would be used for revenue expenses rather than capital investments. He alleged that pledging APMDC's future revenues and allowing a private entity to access funds directly from the Reserve Bank of India (RBI) marks an 'unprecedented and unconstitutional' departure from established practices.
Reddy claimed that the financial burden on the state would increase significantly and accused the Chandrababu Naidu-led government of lacking transparency. He also pointed out that the amount proposed to be raised far exceeds APMDC's annual revenues, raising concerns over debt sustainability.
In response, the government has defended its decision, stating that the funds will be deployed for infrastructure and mining development projects. Officials rejected the YSRCP's allegations as 'baseless and unsubstantiated,' maintaining that the bond issuance process follows due financial procedures.
The political row adds another layer of tension between the ruling coalition and the opposition, with both sides trading charges over fiscal management and governance practices.
(With PTI Inputs)
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