YS Jagan Mohan Reddy Government is all set to borrow another 2,000 Crore Rupees tomorrow.
The government had informed the RBI that it intends to raise 2,000 Crore rupees through sales of bonds at the RBI Securities auction on Tuesday.
With this 2,000 Crore new loan, the total loans of Andhra Pradesh in 110 days of this financial year reach 36,190 Crore Rupees.
That means on average, Andhra Pradesh Government has borrowed 329 Crore Rupees per day.
This is one of the highest among all the states in the country.
Also, all these borrowings are around the highest interest rate of about 8%.
Interestingly, Andhra Pradesh is only allowed to borrow 28,000 Crore Rupees as per the FRBM limits.
But then, we do not know why the RBI and the Central Government are staying mum on this.
Probably, we may see some movement on this after the Presidential and Vice-Presidential elections are done.