YSRCP govt destroyed Andhra economy; Rs 7 lakh crore revenue was lost: CM Naidu

Amaravati: Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday alleged that the five-year rule by the YSRCP had destroyed the state's economy, which led to a loss of up to Rs 7 lakh crore revenue.

The Chief Minister claimed that agriculture sector growth had declined from 16 per cent between 2014 and 2019 during the previous TDP government to 10.3 per cent under the YS Jagan Mohan Reddy-led government.

Also, he said that the service sector's growth rate dipped to 9.9 per cent from 10.3 per cent while releasing a white paper on the state's finances in the Assembly.

"Without money we cannot do anything. Andhra Pradesh was growing faster than Telangana between 2014 and 2019 but there was destruction of the economy between 2019 and 2024. Farmers' incomes declined and debts increased. When you create wealth, people's income will increase," said Naidu, addressing the House.

According to the CM, the alleged misrule which started after Reddy took over the reins of the government led to looting of natural resources, anti-industrial policies, change of policy on capital city and destruction of the Polavaram project.

Naidu alleged that cost of power rose under YSRCP regime due to short-term power purchases, which levied an additional burden of Rs 12,250 crore while alleged illegal sand mining resulted in a loss of Rs 7,000 crore.

Charging that loot of mineral wealth led to a loss of Rs 9,750 crore revenue, Naidu said the cancellation of Amaravati city, Polavaram project and energy contracts had destroyed investor confidence and consequently damaged the state's brand image.

Further, he said that the state's debt rose from Rs 3.75 lakh crore on March 31, 2019 to Rs 9.74 lakh crore by June 12, 2024.

Inputs from PTI