The financial situation and the alleged mismanagement of the financial condition of Andhra Pradesh have been attracting a lot of backlash from the opposition parties and a few economic experts. Earlier, the Centre also said that the government borrowed more than the prescribed limit.
In the wake of the criticism, the Andhra Pradesh government had swung into action and appointed the former Chief of Public Sector Bank State Bank of India(SBI) Rajnish Kumar as the economic advisor to the government.
As per the appointment made by the Andhra Pradesh Government, Rajnish Kumar will serve as the Government's advisor in economic-related issues for a period of two years. He was given the Cabinet position as well in his new post.
The Appointment of Rajnish Kumar is a much-needed one for the state that is bearing the high burden caused by the welfare schemes implemented in Andhra Pradesh under the flagship Navaratnalu, which aims at lending financial help to the beneficiaries of various professions.
Given the fact that Rajnish Kumar has the experience of running one of the largest banks in the country, the State Bank of India(SBI), the Andhra Pradesh Government is hopeful that his appointment will help in setting things back to normal and make the economy prosper.
Looking at the career of Rajnish Kumar, he had joined the SBI back in 1980. Though he had started his stint with SBI as a Probationary Officer, he went on to become the chairman of the bank in 2017. After serving as the SBI Chief for three years, he retired from his position on 6 October 2020. Seeing the vast experience he has, the Hongkong and Shanghai Banking Corporation had approached him for the post of non-executive director.
Andhra Pradesh became the second state in the country to appoint experts to help the government in dealing with economic related issues. Earlier, the Tamil Nadu Government had appointed an expert committee to help the state economy come out of the crisis-like situation it has been facing since the pandemic outbreak. Though all the states have faced a similar situation, the Tamil Nadu government acted firmly.