Coalition lacks financial discipline

Tadepalli, Dec 27: YSRCP has slammed the coalition government for its financial indiscipline and said that it has no accountability for the loans taken and the exorbitant interest being paid.
Speaking to the media here on Saturday, Party Spokesperson Putta Sivashankar said the debt of Chandrababu Naidu during the 18 months has mounted to Rs 2.80 lakh crore and loans are being taken at 9.15 percent, violating RBI norms.
YS Jagan Mohan Reddy, on the other hand, during the five-year term, borrowed Rs 3.72 lakh crore, of which Rs 2.73 lakh crore was given under DBT for welfare schemes.
The coalition government has no accountability as it did not fulfil the Super Six election promise, and where the amount went is not known.
It is a fact that corruption is rampant under the coalition government, which is plundering the State from every possible avenue, from land, sand, medical colleges, house sites and Amaravati. It is personal benefit that is important for the coalition partners, and they are not bothered about the State, which is on the way to bankruptcy, he said.
The financial indiscipline is further aggravated by taking loans by pledging advance revenues in Mining and Beverages Corporations and giving treasury access to private players.
Though the State has borrowed Rs 18,000 crore under Markfed, it was not passed on to the farmers. However, Chandrababu, Lokesh and Pawan Kalyan have been travelling to Hyderabad on chartered flights over 70 times, and the extravagance is at the cost of welfare activities.
The YS Jagan Mohan Reddy government had carried out welfare schemes despite COVID and had given priority to farmers on all counts, he said