Former Finance minister and Telugu Desam Occasion (TDP) politburo member, Yanamala Ramakrishnudu, on Tuesday mentioned that the economic sector, which is essential for the event of the State, has been touching the all-time low stage in Andhra Pradesh for the previous three-and-half years.

In an open letter to Chief Minister Jagan Mohan Reddy, the previous minister mentioned that the State is caught in a deep monetary disaster with reverse progress, large-scale unemployment and no investments. When the economic and repair sectors witnessed large progress through the TDP regime, they’re now transferring in reverse development, he mentioned.

At the very least investments value over Rs 17 lakh cr moved out of the state, together with the Kia affiliated items to Chennai and Hyderabad, Ramakrishnudu identified. Industrialists like Luloo, Franklin Templeton and others cancelled their agreements with the State Authorities whereas the Asian Pulp Paper Business, which is more likely to arrange its unit in Prakasam district, withdrew investments, the TDP politburo member acknowledged.

Asking what’s the destiny of the Chennai-Bengaluru Industrial Hall, Ramakrishnudu mentioned that the way forward for the YSR Jagananna Mega Industrial Hub can be in dilemma. These are just some examples whereby the buyers have gone again and the State Authorities has taken again the lands allotted to those industrialists. The results of that is there isn’t any employment era and likewise the youth misplaced their job alternatives, he mentioned.

Although a particular staff represented the State on the Davos convention there are not any investments attracted from any trade, Ramakrishnudu mentioned including that there isn’t any encouragement for the buyers from the Backward Courses (BCs), Scheduled Castes (SCs) and Scheduled Tribes (STs). “When the TDP was in energy, we tried our greatest to determine the financial progress engines and focussed on them following which the GSDP has gone up. However now it’s transferring within the reverse course,” the previous Finance minister mentioned.

The typical progress index was in double digit when Chandrababu Naidu was the chief minister however up to now three-and-half years it has been confined to single digit, he identified. The State has fallen to the thirteenth place in attracting overseas investments, Ramakrishnudu mentioned, including that this clearly exhibits the dedication of the ruling social gathering in direction of the general progress of the State.

The state of affairs is so unhealthy now that the folks of the State cannot even say which is their capital, Ramakrishnudu mentioned and requested who will come ahead to spend money on such a State. He suggested Jagan to look at all these points and take some corrective measures to assist the State transfer ahead.