CAG exposes TDP financial indiscipline

Speaking to reporters here on Saturday party leader and PAC Chairman in the Andhra Pradesh legislative assembly Buggana Rajendernath Reddy said’ : the remarks of the Comptroller and Audit General (CAG) on the extravaganza and heavy loans is an indication of the financial indiscipline of TDP government despite its contrary claims.

Though Chandrababu Naidu government claims that it has financial discipline its deeds are on the contrary and the heavy borrowings and wasteful expenditure shows its priorities which are unproductive more often.

The loans have touched Rs 2.16 lakh crores for the year 2017-18 which indicates the state of affairs and the deficit in various sectors while spending more money on foreign jaunts and consultancy which yields no tangible results.’

Normally only 3 % of the deficit is allowed to be taken as loans but our state has taken over 6 % as loans which shows how poor and reckless the financial management is, he said.  

CAG has highlighted various issues including the heavy borrowings, extravaganza and the loss incurred to GENCO due to purchase of substandard coal there by increasing the cost of power generation by two fold.

The report has also taken objection to the Pattiseema project and called it as an ill conceived one built without proper planning and storing capacity, a charge which we have been telling all the time, he said.

The revised estimates of the project was manifold. The state has shown payment of central excise duty while it was exempted and there was no check whether or not the contractors have actually paid the amount or it was appropriated mid-way.

It also spoke of debt redemption and the fact that the loans were not waived for farmers reflects in the audit report despite the tall claims of the government, he said.

Even in aviation sector there have been irregularities and huge amounts were given as advances to one company without following any established procedure, the report said. This is a classic example of misuse of public funds and extravaganza, he said.