Andhra Pradesh Government has taken 9,500 Crore as loans in RBI’s Securities auctions in May. This is the highest loan for the state in a month.
For 2022-23, Andhra Pradesh is allowed to borrow 28,000 Crore Rupees.
That means the state should borrow around 2,900 Crore per month. But more than three months limit has been used in one month.
That means the government already borrowed one-third of it in just one month.
This is more than the state’s own tax and non-tax revenues this month. The state has earned 8,511 Crore from both these accounts.
Meanwhile, AP Government is arguing with the Central Government that it can borrow up to 61,000 Crore this year but the center has only allowed 28,000 Crore.
The state government now plans to exhaust the limit and then put pressure on the center to increase the limit somehow.
Almost everything of this has gone to salaries, pensions, and freebies. With almost zero spending on infrastructure betterment.
