Andhra sinking in debt but CM Chandrababu Naidu's wealth is growing: YSRCP

Yuvajana Sramika Rythu Congress Party criticises Andhra Pradesh chief minister over wealth accumulation after ADR report revealed Chandrababu Naidu as the wealthiest CM in India

The Yuvajana Sramika Rythu Congress Party (YSRCP) has criticised Andhra Pradesh Chief Minister Chandrababu Naidu, accusing him of prioritising personal wealth over the state’s development. The accusations follow the release of a report by the Association for Democratic Reforms (ADR) on December 30, which identified Naidu as India’s wealthiest chief minister with a declared net worth of Rs 931 crore.  

 

“While the state is sinking in debt, Chandrababu’s assets are skyrocketing," YSRCP spokesperson Puttha Sivasankar Reddy said while addressing the media on Tuesday.

 

Chandrababu Naidu was sworn in as Andhra Pradesh’s chief minister for the fourth time on June 12, 2024, during a ceremony at Kesarapalli IT Park, Gannavaram Mandal.  

 

 

India’s wealthiest chief ministers

The ADR report revealed stark contrasts in the net worth of chief ministers across the country. Among the wealthiest, Naidu is followed by Pema Khandu of Arunachal Pradesh (Rs 332 crore) and Karnataka’s Siddaramaiah (Rs 51 crore).  

In contrast, West Bengal Chief Minister Mamata Banerjee is the least wealthy, with declared assets of Rs 15 lakh. She is followed by Omar Abdullah of Jammu and Kashmir (Rs 55 lakh) and Pinarayi Vijayan of Kerala (Rs 1.18 crore).  

 

The report revealed that the average assets held by chief ministers across state Assemblies and Union Territories amount to Rs 52.59 crore.

 

For 2023–24, India’s per capita net national income (NNI) stood at approximately Rs 1,85,854. In comparison, the average self-declared income of a chief minister is Rs 13,64,310, which is about 7.3 times higher than the nation’s average per capita income. 

Naidu’s net worth accounts for 58 per cent of the total wealth of the 31 chief ministers surveyed by ADR.  

 

Allegations by YSRCP  

Addressing the media, YSRCP spokesperson Puttha Sivasankar Reddy alleged that the real market value of Naidu’s assets could exceed Rs 1 trillion. He raised concerns about the sources of such wealth, accusing Naidu of exploiting Andhra Pradesh’s financial struggles for personal gain.  

 

“While the state is sinking in debt, Chandrababu’s assets are skyrocketing,” he said. Reddy drew contrast between Chandrababu's wealth accumulation and Andhra Pradesh's mounting debt, pointing to the growth of Heritage Foods, a company owned by Naidu’s family, since the Telugu Desam Party (TDP) returned to power.  

 

Reddy further criticised the ‘yellow media’ for ignoring ADR’s findings and protecting Naidu’s image. “Chandrababu, who once claimed he had no watch, ring, or money in his pocket, has now been exposed as a billionaire,” he said.

 

[With agency inputs]