Amaravati : Yanamala Ramakrishnudu warns of negative economic growth

Amaravati : TDP senior leader and former minister Yanamala Ramakrishnudu on Saturday expressed concern that the retrogressive decisions of the YSRCP government were pushing Andhra Pradesh into a deep economic crisis never seen before in the history of the state.

Ramakrishnudu said that the state's growth rate has come down to an alarming 0.3 per cent during 2021-'22 because of the adamant policies being implemented for the past two years.

In a statement here, the TDP leader said that the AP growth rate came down to 4.3 per cent in the Covid first wave itself. It was largely because of the multiplying impact of the lockdowns on a state which was already reeling under the anti-industry and anti-people decisions being pursued by the YSRCP regime. The present situation was even more precarious. The economy might even get stuck in negative growth rate in the rampaging second wave of coronavirus.

Ramakrishnudu slammed the government for totally ignoring the manufacturing sector and the industry. "An anti-industrial climate was created in the state with the ruling party MPs and leaders issuing threats to the managements of companies. Investments are neither attracted nor allowed to continue. Already, the unemployment rate reached 10 per cent which might even climb to 20 per cent in the near future," he said.

The former finance minister said all development came to a standstill while lots of jobs were gone. The migrant workers had to go without work and they were on the verge of starvation. Productivity came down steeply. No doubt, the State would slip into negative growth rate in the second wave. If the YSRCP regime followed its arrogant policies for the next three years, AP would be in a complete mess and a total disarray.

The TDP leader said that in the 2021-'22 proposed budget, the government was showing all false figures that would not help to set right the state economy in any manner. Excessive loans, revenue deficit and financial mismanagement were the only dubious achievements that Chief Minister Jagan Mohan Reddy had got in the last two years.

With his inexperience and illogic, the Chief Minister has been throwing the state economy into an irretrievable and irreparable crisis, he said.

The TDP leader asserted that Jagan Reddy would go down in history as a 'reverse ruler'

who had destroyed all development opportunities and ran a rule of vengeance and political victimisation.