Buggana flays coalition for mortgaging mines

Hans India

6 hours ago

Tadepalli: Former finance minister Buggana Rajendranath Reddy criticised the coalition government for constitutional violations by borrowing Rs 5,500 crore through APMDC bonds and granting private parties access to the RBI's Consolidated Fund.
Speaking to the media here on Tuesday, he accused Chief Minister N Chandrababu Naidu of bypassing legal norms, as the issue is sub judice. Rajendranath Reddy pointed out that Naidu, who previously criticised borrowing against liquor sales by the YSRCP government, has now allowed private entities to draw funds directly if the corporation defaults, a move he called audacious and unconstitutional.
Rajendranath Reddy noted that the coalition mortgaged 436 mines worth Rs 1.91 lakh crore, giving private players access to the state exchequer. He emphasized that only the state assembly can approve withdrawals from the Consolidated Fund, calling this deviation unprecedented. He accused the Naidu government of financial indiscipline, with 27 per cent debt incurred during its term compared to 13 per cent under YS Jagan Mohan Reddy's regime, alongside stalled welfare schemes.
In contrast, the YSRCP leader praised Jagan's government for timely welfare scheme implementation via DBT, eliminating middlemen. He questioned the coalition's handling of Rs 5,502 crore received for Polavaram, citing a lack of accountability.
Despite similar budget outlays, Rajendranath Reddy asked why revenues are falling and welfare schemes remain unimplemented under Naidu, while criticizing the destruction of green fields for Amaravati's expansion.