After coming to power criticizing Chandrababu for taking heavy loans, YS Jagan Mohan Reddy is creating new records in taking loans. The loans of Andhra Pradesh in one year have almost reached a humongous One Lakh Crore.
In the eleven months of the current financial year, Andhra Pradesh’s loans are around 90,000 Crore. The state may breach the One Lakh Crore mark in the remaining one month. This is the first time the state has breached the mark.
It did not happen even in the United AP. In the 11 months since April last year, the state government has raised Rs 43,000 crore in bonds through the Reserve Bank. The Center has recently allowed another Rs 2,000 crore in debt. The auction will be conducted by RBI on the 28th. Together, the debt will reach Rs 45,000 crore.
Apart from these, in the last 11 months, the government has utilized about Rs 15,000 crore in loans from the Center, EAP, NABARD loans, GPF of employees, and APGLI funds.
Also, the loans collected by AP State Financial Services Limited, Power Finance Corporation, and loans from banks by other corporations are estimated at Rs 30,000 crore. With this, the government debt reached Rs 90,000 crore.
