Andhra Pradesh seems to be heading towards a Financial Disaster under YS Jagan Mohan Reddy’s Government. The borrowings have reaching abnormal levels as revealed by CAG. In the first month of the Financial year i.e, April 2020, the state has borrowed a whopping 16,903.47 Crore.
Just for a comparison, it is just 2,411.81 Crore in April 2019 under Chandrababu Naidu’s Rule. In the first six months of 2019-20, the borrowings were to the tune of 16,706.05 Crore which means the Six months limit has been exhausted in just one month. The rest of the financial year is going to be terrible.
It is interesting to note that Jagan always alleged that Chandrababu Naidu Government drowned the state in bad loans but is doing the same now. Moreover, most of these monies are spent on Welfare Schemes and there is no investment in the creation of assets and new infrastructure.
Its high time, the focus is shifted on to Wealth Creation and ensure fiscal discipline.
