The YCP government had diverted Rs 320 crore paid towards various bills by the Centre, in connection with the multi-purpose Polavaram project. It is learnt that the money had been spent for other uses.
The state government had spent Rs 2,100 crore towards this project and the bills are pending with the Centre. Of this, the Centre had transferred Rs 320 crore to the state government’s account last week.
The amount was supposed to be spent towards the Polavaram project but was diverted for other needs, according to a news report published in a vernacular daily.
This shows that the YCP government is in a deep financial crisis in Andhra Pradesh. Despite burdening the people in the name of heavy taxes, a black hole seems to be pulling in all the money.
On one hand, the government is borrowing heavily and on the other, it is trying to sell out all possible material to pool in the money necessary for the implementation of the Navaratnalu schemes, pointed out economic experts.
Meanwhile, some economists opined that the money collected through taxes was sufficient for funding the various welfare schemes introduced by the YCP government. They suspect if the YCP government was diverting all the borrowed funds for some other purposes which cannot be revealed to the public.
There is buzz that the state government had taken debts to the tune of Rs 6 lakh crore so far and if the same continues, it would be inevitable to declare a financial emergency in the state.
This post was last modified on 16 January 2022 10:42 am
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