Rs 5.7 lakh cr debt on people due to mismanagement, charges LoP

Stalin said, “All the irregularities of the AIADMK regime in financial mismanagement, which turned repayment of loan interest the second major expenditure of the state, would be probed and financial position of the state would be streamlined after the DMK returns to power with the overwhelming support of the people.”

The state has not seen such a financial mismanagement by a Chief Minister and Finance Minister who have imposed a per capita debt of Rs 62,000 on the state people, including new born children. Remarking that the AIADMK has created a blot in the history of financial management of the state, Stalin, whose party decided to boycott the interim Budget session, said the entire debt of the state government in the 2006-11 DMK regime was only Rs 44,000 crore, but the AIADMK regime has borrowed Rs 3.55 lakh crore.

Claiming that the debt could be high when the final estimates are out, the DMK president said the revenue receipts of the state fell from 10.5 per cent in the DMK regime to 7.2, resulting in a revenue shortfall of Rs 93,737 crore.

Wondering if this is victorious Tamil Nadu, the DMK chief said the Chief Minister who refused to offer direct cash relief to the livelihood affected people during the lockdown was splashing Rs 1,000 crore of the tax-payers’ money in advertisement campaigns.

Accusing the CM and his Ministers of emptying the exchequer by floating tenders for over Rs 40,000 crore in the last three months before elections, Stalin cited the 15th Finance Commission, which attributed the fall in the industrial growth of the state from 10.9 per cent to 4.6 per cent to the financial mismanagement.

Wondering what has become of the Rs 87,000 crore generated through petrol and diesel tax, GST arrears and funds for local administration ministry from the Centre and funds from NABARD and international funding institutions, Stalin said the AIADMK regime has taken the state’s growth backward by 50 years.