Andhra Pradesh Government which is in neck deep financial crisis is not letting go of any opportunity to get new loans. The government is going for loans wherever possible by keeping every property as collateral. Jagan Government is already creating new records in loans pushing the state into debt trap.
The tourism development department has taken a 143 Crore loan from HDFC Bank. They have kept the famous Berm Park in Vijayawada city as collateral for this loan. The first installment of 35 Crore will be disbursed very soon.
Citizens are fuming at the Government by taking loans in all possible ways. These public properties will be at risk as Jagan Government can not repay these loans anyways. Tragedy is that the loan has been taken for ‘development’ purpose.
Berm Park, located on the banks of the River Krishna in Vijayawada, attracts a large number of visitors in the morning and evening. Adjacent to the park are boating points and cottages along the river.