Vijayawada: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy said that State’s financial performance is better compared to that of other states as well as the Centre. He asserted that the financial situation of AP was good due to the proactive policies of his government.

Chief Minister lashed out at the Opposition for distorting facts and figures pertaining to the State’s finances. Jagan in his address in the Assembly on Friday said that the opposition parties are alleging the baseless facts on State’s financial condition and defaming the Government. His address on the Industrial Development and Investments in the Assembly he cited the data from the CAG reports on the financial stability of the State Government.

He said that his Government prioritized implementation of welfare and development programmes over the past three years despite the financial challenges faced due to the Covid- 19 pandemic. Our efforts have not only resulted in consolidation of the State’s financial performance, but also placed it on a growth trajectory that is more robust compared to the years immediately after the bifurcation. The Opposition is jealous as the YSRC government has implemented 98.4% of its poll promises, he said.

In 2018-19, GSDP was 5.36%, placing the State on 21st rank. In 2019-20, growth rate increased to 6.89% after YSRC came to power, placing the State on sixth rank. In the subsequent year when Covid-19 affected economies world over, AP recorded 0.08% growth and stood fourth. In 2021-22, it emerged topper with 11.43% GSDP, he added.
In 2020-21 among four states Andhra Pradesh, Manipur, Tamil Nadu and West Bengal, AP was the only state to show positive growth.

We ensured that the purchasing power of the people was not affected by providing financial assistance through DBT under various scheme like Amma Vodi, Aasara, Cheyutha, social welfare pensions among others.” At the same time, capital expenditure in form of Nadu-Nedu in education and health sectors, and Jalayagnam ensured positive growth, he asserted. The State’s share of contribution to national income during 2014-15 and 2018-19 was 4.45% on an average, while it was 5% on an average during the three years thereafter.

In TDP regime between 2014 and May 2019, Jagan said, during TDP’s five-year tenure, the State Government’s debt grew from Rs 1,20,556 crore in 2014 to Rs 2,69,462 crore. The outstanding debt of PSUs with Government guarantee increased from Rs 14,028.23 crore in 2014 to Rs 59,257.31 crore in May 2019. The total and contingent liabilities of the State Government increased from Rs 1,34,584 crore to  Rs 3,28,719 crore during the TDP regime.

Between May 2019 and March 2022, during YSRC’s term, debt increased from Rs 2,69,462 crore to Rs 3,82,165. Outstanding debt of PSUs with Government guarantee grew from Rs 59,257 crore to Rs 1,17,730 crore. The total and contingent liabilities of the State government increased from Rs 3,28,719 crore to Rs 4,99,895 crore. Hence, the State debt increased by 52.07% and CAGR was 15.46%. It clearly shows that the rate of debts grew far less now, compared to during TDP regime, he explained.

YS Jagan said when the Central Government debt grew at a CAGR of 9.84% during 2014-2019, the State debt grew at a CAGR of 16.8%. The absolute increase in liabilities in case of Centre was 59.88%, while it was 123.52% in the State. During 2019-22, the Centre’s debt grew at 14.83% CAGR, while the State’s debt grew at CAGR of 13.68%. The absolute increase in liabilities was 43.80% in case of Central Government and 41.83% in case of State Government.