Andhra Pradesh government is under the pump for the abnormally high loans and borrowings. Well, the government appears to be bettering their dismal records year in year out.
As per the latest written statement from the central finance ministry, the government of Andhra Pradesh has doubled their debts from 2019.
In 2019, AP had debts amounting to Rs 2,64,000 crore. In 2020, it spiked up to Rs 3 lakh crore and in 2021, it increased further to Rs ,53,000 crore. In 2019, it spiralled up further to Rs 3,93,000 crore.
As of now, Andhra Pradesh’s debts amount to Rs 4,42,000 crore. The government is borrowing over Rs 45,000 crore in loans every year. For the year 2022-23, the tally has gone up more and Rs 55,000 crore was taken already.
The government is using up every existing resource to borrow money and this is leaving the state finances in an utterly poor state
These numbers will be even more scary if the Corporation loans are also included. But Center’s numbers do not have that.