Today is August 4th and scores of employees and pensioners in Andhra Pradesh are yet to get money in their accounts. The cash-strapped Andhra Pradesh government is looking for loans to clear them. The other day, the government has taken a 2000 Crore loan in the RBI auction.
The loan has been taken at 7.12%, the highest interest rate in the country but the RBI deposited the money towards Overdraft. Even after the 2000 Crore deposit, the state government is yet to come out of the Overdraft completely which means the state has to get more loans to pay the OD first and then pay to the employees and pensioners.
Finance Minister Buggana Rajendranath Reddy and other senior officials have to camp in Delhi for more days and bring the funds to tide over the August crisis. Similar scenes have happened in July as well. Meanwhile, the state may completely exhaust the annual loan limit very soon.
And we have seven more months left in the financial year. The road forward is going to be very difficult to the state government.
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