AP Govt Creates A New Record of Taking Loans in November

Andhra Pradesh Govt Creates A New Record of Taking Loans in NovemberWhile alleging that Chandrababu Naidu made a mess of Andhra Pradesh’s finances, YS Jagan Mohan Reddy is doing even worse. The State Government has gone for loans ten times in a single month by the sale of the bonds. This is a record to go so many times for loans in a Single Month, with respect to Andhra Pradesh.

Andhra Pradesh Government has taken loans worth 33,617 Crore in this financial year already. Every month, RBI conducts five auctions for raising loans in lieu of Government Securities. Andhra Pradesh participated in all the auctions but raised money twice in each auction. Thus, it has gone for loans ten times this month.

Only in November, the Government has taken a loan worth 8,513 Crore. We have four more months in this financial year but the State Government can only borrow 7,000 Crore this year. On the other side, the State Government is announcing freebies to various sections like there is no tomorrow.

Schemes like Amma Vodi and 15,000 Rupees for every BC, SC, ST and Kapu women will have a huge financial implication on the state.

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