Hyderabad (Telangana) [India], July 27 (ANI): Buggana Rajendranath, former Finance Minister and YSRCP leader, criticised the white paper released by Chief Minister Nara Chandrababu Naidu in Andhra Pradesh and said that by publishing it, the Chief Minister relieved himself of the obligations and promises he had made to the public.
While speaking with ANI, Rajendranath said, “The release of white paper on finances is just a way of shirking away and relieving himself (N Chandrababu Naidu) from all his obligations, assurances and promises to the public.”
Rajendranath further said, “There is not much substance in it (white paper)… There is always a way to compare and the comparison is Compound Annual Growth Rate (CAGR). CAGR is a way of growth for anything. You cannot take a standalone figure… It has to be a growth rate over a period.”
Notably, as per the white paper released by the Andhra Pradesh government, the state suffered a loss of Rs 6.94 lakh crore due to the reduced growth rate. Outlining the state’s growth rate between 2014 and 2019, which was 13.5 per cent, it stated this growth rate would have fetched a revenue of Rs 76,195 crore.
It further mentioned that even considering the COVID-19 impact on revenue, an additional revenue of Rs 52,197 crore should have come to the state. According to the data in the white paper, the growth rate of the state’s economy reduced to 10.5 per cent in 2014-19, which was three per cent less compared to 2019-24.
Under its section titled “Misgovernance after 2019,” the white paper added that during the previous regime, the state suffered an additional burden of Rs12,250 crore due to the increased power cost from short-term power purchases.
The paper further alleged that due to illegal sand mining, the state treasury lost Rs 7,000 crore and Rs 9,750 crore due to mismanagement in mineral revenue. The state also suffered losses due to the cancellation of contracts in Amravati, Polavaram, and the energy sector, it outlined. (ANI)
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