Union Minister Piyush Goyal Sounds Alarm on Tamil Nadu's Financial Crisis
Union Minister Piyush Goyal issued a stark warning on Saturday, declaring that Tamil Nadu's treasury is empty and the state is on a path to bankruptcy. He attributed this dire situation to what he described as an "ineffective and corrupt" DMK government.
White Paper Release and Accusations of Mismanagement
At the BJP's state headquarters in Chennai, Goyal unveiled a white paper titled 'Tamil Nadu Government Financial Crisis.' He emphasized that the state's industries, fishermen, and talented youth have worked tirelessly to generate resources, yet the treasury remains depleted. "Despite this, the treasury stands depleted. Where has the money gone?" he questioned, demanding transparency on fund utilization.
Goyal directly accused Chief Minister M K Stalin and his family members, including Udhayanidhi Stalin, Kanimozhi, and V Sabarisan, of "looting" the state. He asserted that public finances have been pushed into distress due to severe mismanagement. These remarks followed similar criticisms from AIADMK general secretary Edappadi K Palaniswami, who earlier targeted the CM and his family during an election campaign in Jolarpet, suggesting Tamil Nadu effectively has "four chief ministers."
Escalating Debt and Financial Liabilities
The minister highlighted alarming financial trends, noting that Tamil Nadu's debt has doubled over the past five years and is projected to exceed Rs 10 lakh crore. Additionally, state-run entities like Tangedco contribute another Rs 2 lakh crore in liabilities. Goyal criticized the chief minister for lacking clear answers and instead attempting to divert public attention by attacking the central government without addressing core issues.
He alleged that despite receiving substantial devolution from the Centre, including an additional Rs 80,000 crore during the Narendra Modi-led government's tenure, the state government has failed to account for how these funds were used. "With a growing revenue deficit, the government is borrowing merely to meet day-to-day expenses. What assets have been created? What facilities have been provided to the common man?" Goyal asked, underscoring the lack of tangible outcomes from public spending.
Interest Payments and Development Concerns
Goyal further revealed that nearly Rs 76,000 crore would be paid as interest in the current financial year alone. He warned that after meeting salary commitments, very little remains for development or securing the state's future economic growth. This financial strain, he argued, jeopardizes Tamil Nadu's long-term prosperity and stability.
The minister's statements have ignited a political debate, with implications for governance and accountability in the state. As Tamil Nadu faces these economic challenges, the call for transparency and effective management grows louder.
