YS Jagan Mohan Reddy has resorted to loans more than the permissible limit and so, the Union Government has slashed the loan limit of the current financial year by Rs 18,000 Crore which pushed the state government into the danger zone. This has come as a shock to the state government.
The Government has given a guarantee to the extent of 25,000 Crore and used 21,500 Crore of that. The Central Government or the state assembly were kept in the dark about this. Hence, the Center has cut 18,000 Crore of the current year’s loan limit for Andhra Pradesh.
According to a story in Andhrajyothy, the state government’s finance department officials have camped in Delhi and are trying to convince the center to cut this 18,000 Crore limit in multiple phases (like in the cases of EMI). The state government wants the center to defer it until two years or deduct some amount every year for the next 4-5 years.
It has to be seen how the Center responds to this request. Meanwhile, With the new month around the corner, Finance Minister and the Chief Secretary have been staying in Delhi for the last four days and are trying their level best to get permission for additional loans.
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