Tadepalli, June 24: Former Finance Minister Buggana Rajendranath flayed the coalition government for the repeated constitutional violation by deciding to borrow Rs 5,500 crore through State Mineral Development Corporation bonds and giving access to private parties to the RBI’s Consolidated Fund.
Speaking to media here on Tuesday, he said, though the matter is in the court, Chandrababu Naidu has gone ahead to raise APMDC bonds for Rs 5,500 crore and give access to private parties to the RBI’s Consolidated Fund.
He had earlier boasted that he would not raise bonds mortgaging assets or future revenues from liquor sales but what he has now done is worse by allowing private parties to directly draw the money, in case the Corporation defaults.
We have taken loan pledging the margin money on liquor sales which would have gone to the private parties after taking over the Beverages Corporation and this was blown out of proportion by Chandrababu Naidu and his friendly media.
Now, what he is doing is not only audacious but goes against the provisions of the Constitution and the decision could be sub judice as the matter is in court. The coalition had mortgaged 436 mines worth Rs 1.91 lakh crores giving exchequer access to private players.
Money can be drawn from the Consolidated Fund only by the approval of the assembly but this deviation is unprecedented in the State and even in the country, he said.
The gross financial indiscipline of Chandrababu Naidu government is well exposed with the debt incurred during his term being 27 per cent compared to 13 per cent during YS Jagan Mohan Reddy’s term. There is no accountability for the coalition government with the mounting loans and the welfare schemes not being implemented. In contrast, YS Jagan Mohan Reddy had given a calendar and implemented the schemes on the dot through DBT doing away with middlemen.
During his previous term he has floated Amaravati bonds at an abnormal rate of interest. Chandrababu, who speaks of wealth creation, has been giving higher rate of interest for APMDC bonds as well. The coalition has received Rs 5,502 crore towards Polavaram and there is no accountability on how much was spent and what happened to remaining amount.
Though the coalition government and YS Jagan Mohan Reddy’s governments have more or less the same budget outlay, why welfare schemes are not implemented and why are revenues falling and capital expenditure showing southward trend, he asked.
Criticizing the vindictive politics, he said, green fields are being destroyed in the name of Amaravati by extending the extent of area.
Chandarbabu politics full of betrayal, lies 
