Andhra Pradesh in debt-trap; failing to attract investment, says BJP leader

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Hyderabad (Telangana) [India]: Bharatiya Janata Party (BJP) leader Income Tax Department conducts searches in Delhi, Haryana on Wednesday claimed that Andhra Pradesh is in a debt-trap and is failing to attract investment.
Speaking to ANI, Dinakar stated the debts of Andhra Pradesh are increasing abnormally as the YRSCP-led government is not maintaining a “proper system of financial planning” in the state. “The Union Finance Ministry has taken a decision to release monthly devolution in advance to the states for their Capital expenditure needs. Andhra Pradesh and Telangana are getting Rs 1,923 crores and Rs 999 Crores respectively for the month of October. November month devolution funds are getting to utilize the capital expenditure needs as the priority. Andhra Pradesh is lagging behind to achieve the capital expenditure targets badly in the second quarter of the current financial year,” Dinakar said.
“Andhra Pradesh estimated the capital expenditure for Rs 31,119.38 crores for the current financial year but, the actual capital expenditure incurred by the second quarter is Rs 6,711.60 crores only. Hence, states like Andhra Pradesh should maintain the standards in incurring capital expenditure as per the intention of the Centre to create future revenue-generating productive assets for the benefit of the people,” the BJP leader added.
Dinakar further claimed the debts of Andhra Pradesh are “rising abnormally without productive assets are worrying everyone.”
“YSRCP-led government must maintain proper systems of financial planning for the future of the state. The state is in a debt trap and has failed to attract the investments,” he added.

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