Hyderabad: The Telugu Desam Party today demanded that the Union government immediately declare a state of "financial emergency" in Andhra Pradesh which is on the verge of bankruptcy.
"Key sectors like agriculture, power and irrigation are in deep crisis. The state is steeped in debts. Administration is in deep slumber and the existence of the government itself is in doubt," TDP Politburo member and former Finance Minister Yanamala Ramakrishnudu said in a statement on Monday.
Financial mismanagement, coupled with rampant corruption under the Congress regime in the last eight years, and the gross inefficiency of the government have led to the current sorry situation, Yanamala noted, adding that lack of financial discipline has worsened the situation.
"The state government`s income from various taxes went up from Rs 13,805 crore in 2003-04 to Rs 66,025 crore in 2011-12. Despite this, the state has been pushed into bankruptcy because of corruption and financial mismanagement," the TDP leader said, adding the state`s debt burden has gone up to Rs 63,000 crore.
Andhra Pradesh`s Gross State Domestic Product declined by three per cent since 2003 while unemployment rate increased to 10 per cent. The state, once a haven for investments, is now languishing behind states like Odisha and Bihar.
"Investments stopped coming to AP because of unbridled corruption. As a result, employment opportunities have dried up," Yanamala lamented.
In view of the prevailing situation, the Government of India should declare a financial emergency in Andhra Pradesh under Articles 360 and 360(3) of the Constitution and take urgent steps to revive agriculture, irrigation and power sectors, Yanamala demanded.