YSRCP flags ‘Unconstitutional’ move in Andhra Pradesh’s APMDC bond plan; government refutes allegations
In response, the government has defended its decision, stating that the funds will be deployed for infrastructure and mining development projects.
Amaravati: The YSR Congress Occasion (YSRCP) has raised serious concerns over the Andhra Pradesh government’s decision to elevate funds throughout the Andhra Pradesh Mineral Development Corporation (APMDC), alleging it violates constitutional and monetary norms.
Addressing the media on Thursday, former finance minister Buggana Rajendranath Reddy criticized the reported conception to anxiety Non-Convertible Debentures (NCDs) rate Rs 9,000 crore, arguing that the borrowings would be worn for earnings prices as adverse to capital investments. He alleged that pledging APMDC’s future revenues and allowing a non-public entity to safe entry to funds straight a long way from the Reserve Financial institution of India (RBI) marks an “unheard of and unconstitutional” departure from established practices.
Reddy claimed that the monetary burden on the verbalize would amplify vastly and accused the Chandrababu Naidu-led government of missing transparency. He also identified that the amount proposed to be raised a long way exceeds APMDC’s annual revenues, raising concerns over debt sustainability.
In response, the government has defended its decision, pointing out that the funds will seemingly be deployed for infrastructure and mining enhance projects. Officers rejected the YSRCP’s allegations as “baseless and unsubstantiated,” asserting that the bond issuance project follows due monetary procedures.
The political row provides another layer of stress between the ruling coalition and the opposition, with either facet shopping and selling prices over fiscal administration and governance practices.
(With PTI Inputs)
What's Your Reaction?
