Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has created a record by pushing the state’s debts over Ten Lakh Crore Rupees already. Every month, the state does not give salaries and pensions to the employees even by the middle of the month.
We see the state standing first in queue for taking loans at the RBI securities auction every Tuesday.
For an instance, the state government has borrowed 9,500 Crore rupees in just 40 days of this financial year more than any other state in the country.
There is not even bare minimum investment in capital expenditure – the expenditure on infrastructure or anything that yields returns in the future. The complete expense is only towards paying salaries, pensions, and freebies.
The Chief Minister in a public meeting gave a posh name to the freebies and financial indiscipline and called it ‘Human Capital Investment’.
While the name looks posh and fancy, that does not justify the mindless borrowings or financial indiscipline.
In fact, the real name should ‘Political Capital Investment’ as the aspiration is only votebank politics.
The freebies are named under various schemes to give the coloring of Human Capital Investment but the fact is it is only pumping money into the accounts of the people so that they become loyal votebanks.
