Telugu Desam Parliamentary Party leader Lau Sri Krishnadevaraya has lamented that YCP chief YS Jaganmohan Reddy has left a debt burdened state. Speaking during the discussion on the Finance Bill in Lok Sabha on Tuesday, he mentioned that the debts incurred by former CM Jagan should be restructured.
On this occasion, he brought to the attention of the House how the AP is facing a financial crisis. “Revenue deficit and debt burden are high in AP. The Center should help in the reconstruction of AP. The state government has released a white paper on the financial situation of Andhra Pradesh, which we will give to all the members of parliament”, he said.
While the state expenditure is Rs. 1.64 lakh crore, the revenue is only Rs. 1.45 lakh crore. During this financial year a deficit of Rs. 19,000 crore is certain, The total debts were Rs 3.75 crore in 2019, but that went upto Rs 9.74 crore by 2024, he added.
Keeping in view the distressed economic situation, he urged that the central finance department should pay special attention towards AP.”We will work with the Center for the reconstruction of the state. Center should reconsider taxation of long term capital gains”, he said.
The Narasaraopet MP also urged the Center to completely remove 18 percent GST levied on health and insurance policies and reduce duty on cotton imports to support the textile sector. He made it clear that retrospective taxation system should be removed permanently from the economy.
The TDP parliamentary party leader asserted that as some other members mentioned, there was nothing special mentioned in the Union Budget for the benefit of Andhra Pradesh. Referring to Rs 62,000 crore allocated to Purvodaya scheme, which will be implemented jointly for the North Eastern and Eastern states, he said it is natural some of those resources to be spent in AP as it has a large coastal area.
