Hyderabad, Dec 14 (NationPress) The YSR Congress, the main opposition party in Andhra Pradesh, has criticized the ruling coalition government, accusing it of doublespeak regarding loans and financial accountability.

During a press conference on Sunday, former finance minister Buggana Rajendranath asserted that the enormous loans acquired by the state have not translated into tangible welfare initiatives.

He highlighted that dwindling revenue receipts paint a stark picture of Chief Minister Chandrababu Naidu's inability to generate wealth.

“The coalition has accumulated loans exceeding Rs 2.66 lakh crores, yet welfare schemes are either stagnant or nonexistent. The much-touted Super Six has proven ineffective, as promised schemes remain unimplemented. Unemployment stipends are not distributed, and the Aadabidda Nidhi and pensions are not fully operational, while farmers are denied their promised benefits,” the former minister stated.

Rajendranath further claimed that over the last 18 months, the state has jumped from fourth to the top position in terms of borrowing, amidst ongoing false propaganda.

He pointed out that the same individuals and media outlets that criticized YS Jagan Mohan Reddy for utilizing various financing methods to secure loans are now silent regarding the TDP-led NDA government's borrowing practices, which he described as crude and lacking transparency.

The YSRCP leader noted how Chandrababu Naidu and his public relations machinery vehemently opposed the YSRCP government's borrowing through Non-Convertible Debentures (NCDs) backed by liquor sales proceeds for welfare financing. “Now, the TDP government has adopted the same structure for borrowing. Their stance shifts from condemning such financing as criminal when in opposition to endorsing it as a means of wealth creation when in power,” he asserted.

Rajendranath challenged the TDP to clarify to the public whether the financing structure it previously labeled as fraudulent when in opposition is now part of a strategy to mislead the people or if they have come to accept it despite earlier claims.

“Moreover, the current Government has pledged future borrowings of the Mineral Development Corporation and has granted access to private individuals to the state exchequer, which is unconstitutional,” he claimed.

He accused the coalition government of borrowing in the names of corporations and diverting funds for other purposes, lacking accountability. Despite national media labeling Chandrababu Naidu as an aggressive borrower, he continues to blame others for the loans, providing inconsistent figures at different times.

“Chandrababu Naidu has been misleading the public, claiming that the YS Jagan Mohan Reddy government has mismanaged finances, while the truth is quite the opposite,” he concluded.