Latest news with #NirmalaSitaraman
Time of India
26-06-2025
- Business
- Time of India
Jagan: Govt pushing state into ‘debt trap'
Vijayawada: Former chief minister 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.
Time of India
26-06-2025
- Business
- Time of India
Andhra Pradesh lacks fiscal discipline, picks debts through NCDs at higher interest rate: Ex-CM YS Jagan Mohan Reddy
VIJAYAWADA: Former chief minister and YSRCP supremo YS Jagan Mohan Reddy has charged that the state government's lack of fiscal discipline and disregard for the constitutional framework has pushed the state into big trouble. He said that the APMDC 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 social media post tagging union finance minister Nirmala Sitaraman and other PMO, Jagan Mohan Reddy alleged that they have learnt that APMDC concluded the second tranche of its NCD (bond) issuance at a coupon (interest) rate of 9.30% and raised Rs. 5,526 crores, taking the aggregate value of the issuance to Rs. 9,000 crores on Wednesday (June, 25). '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 for financing government revenue expenditure,' said Jagan. He explained that the TDP alliance government, granted private parties access to the consolidated fund 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 state government officials. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo He said that it was a blatant violation of articles, 203, 204 and 293(1) of the Constitution of India. In a manner unheard of, the govt also mortgaged mineral wealth worth Rs. 1,91,000 crores for NCD (bond) issuances of aggregate value Rs. 9,000 crores. He said that with permission to access state consolidated fund and mortgage of govt property of disproportionately huge value, one would imagine that these bonds are even more secure than the SDLs (State Development Loans) issued by the state government. He alleged that the additional yearly burden on the APMDC is to the tune of Rs. 235 crores, owing 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 previous govt over a 5-year period.
India Gazette
23-05-2025
- Business
- India Gazette
Chandrababu Naidu seeks Centre's support for Rs 80,112 cr Polavaram-Banakacherla link project to tackle drought in Andhra
New Delhi [India], May 23 (ANI): Andhra Pradesh Chief Minister N Chandrababu Naidu met Union Finance Minister Nirmala Sitaraman on Friday and submitted a proposal seeking central support for the Polavaram-Banakacherla Link Project. The project aims to divert surplus Godavari floodwater to drought-affected areas in Andhra Pradesh through a three-part water transfer system. It includes the Bollapalle reservoir, lift irrigation systems, and tunnels through the Nallamala hills. It will use lift irrigation and tunnels to connect the regions in three phases. According to a release, a detailed financing plan has been proposed, building on earlier discussions with the Finance Ministry. The Chief Minister said the project would benefit millions in drought-hit areas and serve as a model for river-linking across India. The Detailed Project Report (DPR) is expected by June a post on X, Andhra Pradesh Chief Minister N Chandrababu Naidu wrote, 'Had a productive meeting with Union Finance Minister @nsitharaman Ji in Delhi today. We discussed the crucial Polavaram-Banakacherla project aimed at taking Godavari waters to the drought-hit regions of Andhra Pradesh. Powered by Centre-State collaboration, this river-linking initiative will ensure water access and long-term development for our people.' Andhra Pradesh CM Naidu also met with Union Jal Shakti Minister CR Patil to discuss and submit a proposal for the Polavaram-Banakacherla Link Project, aiming to enhance water resource management and infrastructure development in the region. The Godavari-Banakacherla Link Scheme is a massive project proposed by the Andhra Pradesh Government at an estimated cost of Rs 80,112 crore. The plan involves diverting 200 TMC of water from the Godavari River at Polavaram to Rayalaseema through the Bollapalli reservoir and Banakacherla head regulator. The proposal seeks to interlink the Godavari, Krishna, and Penna rivers. Meanwhile, Chandrababu Naidu will also meet with Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science and Technology, to discuss research, innovation, and industrial science collaborations. He will also meet with Finance Minister Nirmala Sitharaman today. (ANI)
