Former Finance Minister Criticizes Andhra Pradesh's Financial Practices

Former Finance Minister Buggana Rajendranath Reddy criticizes the current TDP-led coalition in Andhra Pradesh for issuing Non-Convertible Debentures (NCDs). He alleges that the government is granting private entities undue access to state funds, potentially harming state interests and increasing financial burdens on citizens.

In a pointed critique of the current Andhra Pradesh administration, former Finance Minister Buggana Rajendranath Reddy voiced serious concerns over the Telugu Desam Party (TDP)-led coalition's decision to issue Non-Convertible Debentures (NCDs). He claimed this move allows private entities unprecedented access to state funds, potentially jeopardizing the state's financial health.

Reddy emphasized that the decision to give custodians of these bonds direct debit access to the state's consolidated fund is alarming and could severely impact state interests. He argued that such practices increase debt burdens, ultimately imposing financial strains on ordinary citizens.

He further contended that the TDP government's financial transparency is questionable, citing the lack of clarity on the expenditure of Rs 1.40 lakh crore borrowed and the absence of election-promised welfare schemes. According to Reddy, every societal section remains disappointed, contrasting with previous governance which, despite the pandemic, prioritized welfare.

(With inputs from agencies.)