Rising Debt, Falling Revenue Under Chandrababu Naidu: Jagan’s Attack

Former Chief Minister Y. S. Jagan Mohan Reddy on Wednesday alleged that the financial health of Andhra Pradesh has weakened significantly under the current administration. Addressing a press conference at the YSR Congress Party headquarters in Tadepalli , he criticised the government led by Chief Minister N. Chandrababu Naidu , claiming that revenues are declining while expenditure and borrowings continue to rise.

Presenting financial data, Jagan said that in the 2023–24 financial year, the state government’s expenditure stood at ₹2,36,486 crore , while revenue was ₹1,70,767 crore . After Chandrababu Naidu assumed office, spending reportedly increased to ₹2,49,906 crore , whereas revenue declined to ₹1,68,024 crore .

He stated that the revenue deficit has reached ₹60,285 crore , reflecting a rise of nearly 56 percent compared with earlier figures. The fiscal deficit has also increased by around 30 percent , which he described as a sign of deteriorating financial management.

Jagan recalled that his government implemented welfare programmes even during difficult times such as the COVID-19 pandemic. However, he alleged that the present administration has pushed the state towards a financial imbalance through heavy borrowing.

According to him, the government has raised nearly ₹3.2 lakh crore in loans over the last two years, while the total borrowing during his five-year tenure stood at ₹3.31 lakh crore .

The opposition leader also accused the government of corruption and exploitation of natural resources, which he said has reduced state income. He alleged irregularities in sectors such as sand, soil, silica, quartz, laterite, granite, land and liquor. He further claimed that valuable government land in Visakhapatnam was being allotted at undervalued prices, including attempts to take over 54 acres of land estimated to be worth ₹5,000 crore .

Jagan also pointed out discrepancies between the borrowing figures presented in the Assembly and those reported by the Comptroller and Auditor General of India . While the government stated that borrowings were ₹60,485 crore , the CAG report placed the figure at ₹81,071 crore , indicating a difference of nearly ₹20,000 crore .

He further alleged that several welfare schemes promised by the government have not been implemented effectively, including the ₹1,500 monthly assistance for women, unemployment allowance and farmer support programmes. Jagan said that during his government’s tenure, over 66 lakh pensions were distributed, but the number has now declined to about 60 lakh .

He also highlighted the difficulties faced by farmers, stating that falling prices of crops such as chilli, Bengal gram, maize and banana have caused heavy losses.