There’s a now-famous saying in the Telugu social media space that if there’s one thing that AP CM is consistently doing, it would be getting loans and debts for Andhra Pradesh.
The same has continued this time around as well. The Jagan-led AP government has secured over Rs 6000 crores loans in a single month.
As per the report from Eenadu, the YCP government has secured loans amounting to Rs 6000 crores in the first month since the start of the new financial year.
The government already took Rs 3000 crores in loans from the open market and has already filed a request to borrow another Rs 3000 crores from the reserve bank coming Tuesday. Once that’s done, AP government would add another Rs 6000 crore to its already huge pile of debt.
There’s an unofficial estimate that the Andhra Pradesh government took Rs 90,000 crores in loans from the open market, corporations and other sources in the previous financial year.
The lack of income sources, and the constant requirement to go for fresh loans from all possible sources have pushed AP into a debt crisis, say experts.
