CM Jagan mortgage Ap state Secretariat

Thursday, April 18, 2024

In a surprising development, the Andhra Pradesh government, led by Chief Minister YS Jagan Mohan Reddy, purportedly pledged the state Secretariat in Amaravati to secure a loan of Rs 370 Crores from HDFC Bank. This move has stirred widespread public concern and drawn criticism from political opponents, shedding light on the state’s financial strategies under the current administration. Since its completion in 2017 following the state’s division from Telangana in 2011, the Secretariat has stood as a symbol of Andhra Pradesh’s resilience and governance.

Comprising five administrative blocks, the Legislative Assembly, and the Council, it holds significant importance. The government’s initial approach to ICICI Bank and subsequent negotiation with HDFC Bank underscores a pressing need for funds. However, mortgaging the Secretariat for nearly half its value raises concerns about the administration’s reliance on leveraging state assets for financial liquidity and the potential long-term consequences of such decisions.

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