Finance Minister Buggana Rajendranath Reddy said that the TDP government had mismanaged the economy resulting in a huge spike in inflation and left behind a debt burden of Rs 3.62 lakh crore on the State exchequer.
Reddy released a White Paper on the status of the economy in the State and addressed a press conference on Wednesday. He said to tide over the financial crisis that had gripped the State, the YSRCP government would lay more emphasis on leveraging human resources.
In the period between 2014 and 2017, the State registered a mere five per cent GSDP growth rate, which had been way less the national average. While the nation-wide inflation had come down, it spiked sharply in Andhra Pradesh, the Finance Minister said.
The Finance Minister informed that their government would focus on improving the human resources' capability to increase the Human Capital. Therefore, the education sector would be given preference. "Most of Kerala's revenue is drawn from human resources. This is because of the literacy there. We will also try to do the same thing," he explained.
He accused the TDP government of leaving behind Rs 18,000 crore pending arrears yet to be paid to various corporations. To reverse the depressing financial situation of the State, it would take some time, he clarified.