Visakhapatnam: AP debt burden affects industrial growth, says Sribharat

Visakhapatnam : The state of Andhra Pradesh at present has the highest public debt compared to any other state and the falling revenue is making the state to levy high level of taxes on utilities, such as water and power, stamp duties which is indirectly affecting the industrial growth, said TDP-BJP-JSP Visakhapatnam Lok Sabha candidate M Sribharath here on Wednesday.

Interacting with Visakhapatnam industrialists, the MP candidate pointed out that RBI has repeatedly highlighted Andhra Pradesh’s fiscal fragility and it is a major concern if the state continues to tread on the same trajectory without significantly altering its current fiscal management policies.

He said that the situation has reached a stage where there is a fear that the state may require to raise loans even for debt servicing. He mentioned that the Andhra Pradesh government is unable to allocate funds to implement Central government sanctioned projects. He promised that the TDP, BJP, Jana Sena government will focus more on local industries and try to reduce the operational costs.

The industrialists who participated in the programme expressed their concern about lack of infrastructure development in Visakhapatnam.

Later, Sribharat took part in a private teachers’ conference and auto-rickshaw workers meeting in Gajuwaka in the presence of the segment’s TDP candidate Palla Srinivasa Rao and JSP PAC member Kona Tatarao.