ABN-Andhra Jyothy owner Vemuri Radhakrishna predicted that AP's new Chief Minister YS Jaganmohan Reddy's 'hasty decisions' will make Andhra Pradesh an another Venezuela sooner or later.
In his weekly column "Kotha Paluku" published in ABN-Andhra Jyothy today, Radhakrishna reminded how Venezuela economy has collapsed now due to 'excessive welfare schemes' implemented by those rulers to win elections and how 30 lakh people from Venezuela have migrated to other countries in search of livelihood as there are no jobs in their own country.
Radhakrishna said Jagan's "Navaratnalu' and his recent Act passed in Legislative Assembly to provide 75 per cent jobs to locals in all existing and new industries in AP, are bound to push state's economy into red and AP people will face 'severe consequences' in the coming days.
Radhakrishna said former CM N Chandrababu Naidu took Rs 10,000 crore loans just before Assembly polls to implement welfare schemes like 'pasupu kunkuma', 'annadhata sukhibhava' etc, with an aim to win polls but to implement Jagan's Navaratnalu, one can easily imagine how many thousands of crores of rupees of loans are needed, which will eventually lead to the collapse of AP economy.
This besides, Radhakrishna said the World Bank, AIIB stopping funding for Amaravathi, Jagan stopping Amaravathi works, ordering probes on Amaravathi, review of power purchase agreements, 75 per cent quota for locals in all industries etc, has led to investors and investments moving away from AP to Telangana and other states.
Radhakrishna said AP economy took a beating as real estate crashed and no fresh investments coming into AP due to Jagan's 'hasty decisions'.
He said Jagan's decision to appoint 'grama volunteers' was only aimed to provide employment to YSRCP activists and giving them Rs 5,000 salary per month will become a huge burden on state exchequer in the coming days.
Radhakrishna said that Jagan trying to implement Navaratnalu without focussing on AP development, new industries, new investments, jobs, will only make AP another Venezuela and AP people will be forced to migrate to other states and countries for jobs and livelihood.