We are into the eighth month of this financial year and Andhra Pradesh’s financial situation is staring at a crisis. The Government which is surviving on loans has almost exhausted its loans limit. It can only borrow 2,155 Crore Rupees till this year-end.
The state government is borrowing 1000 Crore Rupees on the 9th of this month. That means only 1,155 Crore can be borrowed till this year-end. But then, for the last two months, the state government has been borrowing 5,000 Crore per month. That means it is not going to be enough.
Starting from April this year, Jagan Government has not borrowed less than 2,000 Crore any month. The highest is in May and June when it has borrowed 6,000 Crore Rupees per month. The state has to lobby with Delhi to allow extra loans somehow or it would trigger panic in the state.
In this financial year up to November 1st, the state government has borrowed 31,751 Crores.