Gv reddy, Chairperson of GVK

Telugu Desam Party (TDP) national spokesperson GV Reddy on Wednesday expressed concern that the financial crisis and fall in credit rating on account of the ruling Yuvajana Sramika Rythu Congress Party's (YSRCP's) corruption was creating a situation conducive for imposing 'financial emergency' in Andhra Pradesh.Addressing a press conference, the TDP leader said that the Jagan Reddy regime was apparently creating conditions to make the Centre invoke Article 360 to impose financial emergency.This article would usually be imposed if any state was not able to repay its loans due to severe financial crisis and steep fall in credit rating.Reddy said that the Chief Minister YS Jagan Mohan Reddy, Ministers and MLAs were committing unchecked financial irregularities and a pitiable situation was prevailing as the bankers and creditors were running away at the mention of giving loans to Andhra Pradesh. "The credit rating has fallen to an abysmal low even as the State Government kept pending bills of Rs. 80,000 Cr to the contractors," he added.He pointed out that the YSRCP Government had even cut short the salary benefits of the employees because of the financial mess into which it had pushed the state. "If Article 360 is imposed in AP, the Jagan Reddy regime should be held totally responsible for such a disgrace. The indiscriminate looting of the ruling YSRCP leaders, impractical promises and inefficiency were the main factors," he added.Reddy said the misuse of public funds for applying the ruling party colours was one glaring example of how CM Jagan has totally mismanaged the State financial situation. "Would anybody approve of the spending of Rs. 3,000 Cr on just colours? Wasteful expenditure was made in the name of thoughtless decisions like door to door delivery of ration items," he added.Expressing concern, Reddy deplored that the shallow decisions of the government had caused a loss of thousands of crores to the State exchequer. "Because of this, the AP State as a whole witnessed absence of any development in the past three years. No focus was put on basic amenities and infrastructure facilities anywhere in the State," he added.The TDP leader challenged whether the Jagan Reddy regime could say confidently that it had spent public funds on one single project that would bring revenue to the State in future. All sections of people are suffering. Non-stop attacks are being made on the lives and properties of dalits, backward classes, minorities and others. In the name of prohibition, harmful cheap liquor brands were brought to spoil the health of the public.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Politics :Situation conducive for imposing financial emergency in Andhra Pradesh: TDP

Telugu Desam Party (TDP) national spokesperson GV Reddy on Wednesday expressed concern that the financial crisis and fall in credit rating on account of the ruling Yuvajana Sramika Rythu Congress Party's (YSRCP's) corruption was creating a situation ...