TN''s mounting debt-to-GDP ratio is DMK''s achievement, claims AIADMK

Chennai, Jan 21 (PTI) AIADMK General Secretary Edappadi K Palaniswami targeted the ruling DMK dispensation over the state's fiscal condition, claiming on Tuesday that Tamil Nadu's increasing debt-to-GDP ratio seemed to be the ruling party's achievement.

Tamil Nadu has emerged as a state with the highest debt since the DMK came to power about four years ago, despite their assurance to restore the economy, he said.

"But it has not taken adequate steps in financial management. Much of the revenue has come from fuel, TASMAC liquor sales, and GST," Palaniswami claimed in a statement here.

Furthermore, the higher spending led to an increase in the debt levels, he alleged.

"Tamil Nadu has set a record as the state with the highest debts under the DMK regime. Borrowing has increased every year since the DMK came to power. Perhaps, the DMK will set another record by borrowing Rs 5 lakh crore before its term ends," Palaniswami said.

Earlier, speaking to reporters in Salem, Palaniswami said that despite the heavy borrowings, no major projects have come up in the state, reflecting the status of capital expenditure.

"How will the loans be repaid? The state government's biggest achievement is borrowings," he said.

Reacting to state Finance Minister Thangam Thennarasu's criticism that he (Palaniswami) had earlier made baseless charges on the state's financial position without any basic understanding of economic and financial management, the AIADMK general secretary said, "We don't need a lesson from Thennarasu." The AIADMK under his rule had effectively managed the finances and ensured the borrowings were well within the limits, he said. PTI JSP SSK JSP SSK ADB

Source: PTI