AP finances takes a beating

AP finances takes a beatingAndhra Pradesh which put up a good performance in the first two quarters of this year, is bogging to financial pressures in the third quarter. The fiscal deficit increased all of sudden and the government had already used all the options like ways and means and overdraft.

The state government is selling bonds in open market to raise 1000 Crore on 13th of this month. With this 1000 Crore, the loans from open market reached to 8000 Crores. The 1000 Crore promised by the Central government did not reach the state account as of now.

The state government reportedly spent 2000 Crore on Polavaram project till now. The central government had only announced 300 Crore very recently and even that amount is yet to reach the state. This 1300 Crore if released will help the state a bit.

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