Jagan: Govt pushing state into ‘debt trap'
on Thursday alleged that the state govt's lack of fiscal discipline and disregard for constitutional framework is pushing the state into a debt trap.
Tired of too many ads? go ad free now
He said the APMDC non-convertible debentures (NCDs) bonds were issued at a coupon (interest) rate as high as 9.30%, which is 2.60% higher than the prevailing SDL rate.
In a post on microblogging platform X, tagging Union finance minister Nirmala Sitaraman and the PMO, Jagan alleged that APMDC concluded the second tranche of its NCD (bond) issuance at a coupon (interest) rate of 9.30% to raise 5,526 crore, taking the aggregate value of the issuance to 9,000 crore on Wednesday (June 25).
He said this is second instalment of APMDC going for NCDs in violation of treasury rules. "The govt went ahead with the issuance of NCDs despite the matter being admitted by the AP high court and notices served. It is quite apparent that the proceeds of the issuance would be utilized to finance govt revenue expenditure," he said.
He further stated that the TDP-led NDA govt granted private parties access to the consolidated funds of the state through RBI direct debit mandate, owing to which, private parties can access the state exchequer and withdraw funds without any requirement of any action from the govt officials.
He alleged that it was a blatant violation of articles 203, 204 and 293(1) of the Constitution of India.
The govt also mortgaged mineral wealth worth 1,91,000 crore for NCD (bond) issuances of aggregate value 9,000 crore, Jagan further claimed. He alleged that the additional yearly burden on APMDC is to the tune of 235 crore due to the high interest rate, and the term of NCDs is understood to be 10 years. With NCD issuance, the total budget and off-budget borrowings availed and secured in this 13-month period by the TDP alliance govt exceeded 50% of what was borrowed by the previous govt over a five-year period, the YSRCP chief alleged.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
22 minutes ago
- News18
‘Balasaheb Must Be Blessing Me': Fadnavis ‘Thanks' Raj Thackeray For Reunion With Uddhav
Last Updated: In a veiled swipe at Shiv Sena (UBT) president Uddhav Thackeray, Chief Minister Devendra Fadnavis said he delivered a "rudali" (professional mourner) like speech at joint rally. Maharashtra Chief Minister Devendra Fadnavis on Saturday took a sarcastic jibe at Maharashtra Navnirman Sena (MNS) chief Raj Thackeray for his remark that the BJP leader played a crucial role in reuniting the estranged cousins– Uddhav Thackeray and Raj Thackeray– after two decades. He 'thanked" the MNS president for crediting him in reuniting the two brothers and said that Balasaheb Thackeray must be blessing him for the task which according to Raj Thackeray, even Balasaheb couldn't achieve. 'I am thankful to Raj Thackeray for giving me credit for bringing them together. Balasaheb Thackeray must be blessing me," he said while interacting with the media persons. The Chief Minister further took a veiled swipe at Shiv Sena (UBT) president Uddhav Thackeray and said that while the Thackeray cousins organised the rally to celebrate Marathi, Uddhav chose to speak about politics 'out of frustration'. 'It was a victory rally for the Marathi language, but Uddhav Thackeray chose to speak about politics and how he was ousted from power. He delivered a ' rudali" (professional mourner) like speech. He is speaking out of frustration, as they have nothing to show despite ruling the Brihanmumbai Municipal Corporation for over 25 years," Fadnavis added as quoted by news agency PTI. Fadnavis said no word was spoken about Marathi at the event and the speech (delivered by Uddhav) focused on how his government was toppled and how they can regain power. 'The rally was not Vijay utsav but a 'rudali' darshan," the Chief Minister said. "Conversely, under Modi's leadership, we have transformed Mumbai. We gave Marathi people their rightful homes at BDD and Patra chawls (tenements), which made them (Uddhav-led) jealous," he said. The chief minister said he was proud to be Marathi and Hindu. "All Marathi and non-Marathi people are with us". Thackeray Cousins' Reunion Earlier today, In a rare show of unity, the Thackeray cousins shared the stage for the first time in two decades at the Awaj Marathicha rally in Mumbai to celebrate the rollback of the controversial Hindi language policy in primary schools in Maharashtra. While addressing the joint rally at the NSCI Dome in Worli, Raj Thackeray said, 'Chief Minister Fadnavis managed to do what Balasaheb Thackeray could not – bring me and Uddhav together." Uddhav Thackeray on Saturday asserted that he and his cousin have 'come together to stay together". 'Raj, I and everyone else here is united. We have come together to stay together," he said, saying that they will capture power in the Mumbai civic body and Maharashtra together. The language row came when the Maharashtra government issued an order in April to make Hindi as the compulsory third language for students in their primary classes. It was met with large opposition and political pressure, which led to a withdrawal recently. (With inputs from agencies) First Published: July 05, 2025, 18:43 IST
Time of India
34 minutes ago
- Time of India
LS Speaker, Union Ministers and MPs pay floral tributes to Dr Syama Prasad Mookerjee on his birth anniversary
Lok Sabha Speaker and Bharatiya Janata Party (BJP) leader Om Birla paid floral tributes at the portrait of Dr Syama Prasad Mookerjee in Samvidhan Sadan on his Birth Anniversary on Sunday. Union Minister for Health and Family Welfare and Chemicals and Fertilisers JP Nadda; Union Minister for Railways, Information and Broadcasting, and Electronics and Information Technology Ashwini Vaishnaw; Deputy Chairman, Rajya Sabha, Harivansh; Members of Parliament, former Members, and other dignitaries also paid floral tributes to Dr Mookerjee on this occasion. According to a release, the Secretary General of the Lok Sabha, Utpal Kumar Singh, and the Secretary General of the Rajya Sabha, PC Modi, also paid floral tributes to Dr Mookerjee. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta nueva alarma con cámara es casi regalada en Ituzaingó (ver precio) Verisure Más información Undo A booklet containing Dr Mookerjee's profile, published by the Lok Sabha Secretariat in both Hindi and English, was presented to the dignitaries attending the function. Dr Syama Prasad Mookerjee (1901-1953) was a distinguished Indian politician, barrister, educationist, and social reformer. In 1934, he became the youngest Vice-Chancellor of the University of Calcutta at the age of 33. Live Events Dr. Mookerjee played a vital role in providing humanitarian relief during the Bengal famine in 1943. He also served as India's first Minister for Industry and Supply. He also laid the foundation for India's industrial development by establishing three major public sector undertakings, Chittaranjan Locomotive Factory , the Sindri Fertiliser Corporation, and the Hindustan Aircraft Factory (now Hindustan Aeronautics Limited ). A staunch advocate of national unity, his legacy is defined by his unwavering commitment to education, nationalism, and the vision of a united and strong India. The portrait of Dr Syama Prasad Mookerjee was unveiled by the then President of India, R. Venkataraman, in the Central Hall of Samvidhan Sadan (erstwhile Parliament House ) on May 31, 1991, in recognition of his outstanding services to the nation.
Mint
38 minutes ago
- Mint
Dalai Lama's 90th birthday: From Kiren Rijiju to Richard Gere — Who attended celebrations at Tsuglagkhang temple?
The Dalai Lama's 90th birthday was marked by a massive celebration in the main courtyard of Tsuglagkhang, the Dalai Lama temple, on Sunday. From Tibetan Buddhist to students to Indian minister and Hollywood actors, many gathered on Sunday in Dharamshala, Himachal Pradesh to celebrate 90th birth anniversary of the 14th Dalai Lama. The birthday was attended by the representatives of various Tibetan Buddhist sects, school children, dancers and singers from different countries, and Buddhists from across the world, news agency AFP reported. A video shared by news agency ANI on X showed the presence of Union ministers Kiren Rijiju and Rajiv Ranjan Singh, Arunachal Pradesh Chief Minister Pema Khandu, Sikkim minister Sonam Lama, and Hollywood actor Richard Gere during the 90th birthday celebrations of the 14th Dalai Lama. In his address during the ceremony, Hollywood actor and practising Buddhist, Richard Gere, said, "... We have never seen a human being like him who completely embodies selflessness, love, and wisdom...' 'At a religious conference following His Holiness' proclamation to continue the institution of the Dalai Lama, many lamas openly declared that the Dalai Lama no longer just belongs to Tibet, but to the world and the universe... His holiness exists beyond any concept of time and space,' Gere said. Meanwhile, Union Minister Kiren Rijiju praised the spiritual leader's global influence. He called him a "living bridge between ancient wisdom and the modern world," pledging to follow his decisions and traditions, honouring his presence in India. Rijiju said, "Your holiness, you are more than a spiritual leader. You are a living bridge between ancient wisdom and the modern world. We feel blessed by his presence in our country, which he regards as his 'aryabhoomi'." Former US presidents George W Bush, Bill Clinton, and Barack Obama sent their birthday wishes via video messages. Monks, devotees, and international guests gathered for the celebration to honour the life and teachings of the Dalai Lama, who is widely regarded as a global symbol of compassion, non-violence and interfaith harmony. The celebrations on Sunday are the culmination of days of long-life prayers for Tenzin Gyatso, who followers believe is the 14th reincarnation of the Dalai Lama, a man whose moral teachings and idiosyncratic humour have made him one of the world's most popular religious leaders. It all started with a song for the Dalai Lama performed by Switzerland-based Tibetan singer Jamyan Choeden. It was followed by a dance performance by a group of Mongolian and Albanian artists. The celebrations also included his key announcement that, after being inundated with messages of support from fellow Tibetans both inside and in exile, the spiritual institution will continue after his death. Dharamshala, Himachal Pradesh, is home to the Dalai Lama since he and thousands of other Tibetans fled Chinese troops who crushed an uprising in their capital Lhasa in 1959.
