Andhra Pradesh’s finances are in precarious condition. The Government has almost exhausted its debt limit for the entire year in a few months and the final months of this financial year will be miserable. But then, it looks like the Chief Minister has no remorse.
In a Government event, Jagan defends his policy to do record levels of loans. “The buying power of the people has fallen due to the Pandemic. So, we are doing welfare and development activities even if it means doing more loans. But Opposition parties are trying to mud-sling the government,” the CM says.
“This is a lame excuse. Populist schemes of this government are just for vote bank politics. This financial indiscipline did not start after COVID. Giving money to people is acceptable but it should happen within financial limits. Jagan is just leading the state into the debt trap and coming generations will suffer,” Opposition TDP alleges.
According to estimate, Andhra Pradesh loans are reaching Five Lakh Crore Rupees which means half of the state’s income in the coming days will go for loan repayments and paying interests. A majority of the debt is accumulated in the last couple of years.
