fbpx
Select Page

Andhra Pradesh government faces debt burden of Rs 3.73 lakh crore: CAG

Andhra Pradesh government faces debt burden of Rs 3.73 lakh crore: CAG

CAG’s latest accounts revealed that from alone Rs 73, crore was borrowed from different sources as against the annual target of Rs 48, crore for the whole year.

CAG’s latest accounts revealed that from alone Rs 73, crore was borrowed from different sources as against the annual target of Rs 48, crore for the whole year.

Andhra Pradesh government faces debt burden of Rs 3.73 lakh crore: CAG

Against the targeted Rs 18, crore for the entire financial year, the revenue deficit shot up to Rs 57, crore by the end of November itself.

The current borrowing trend indicated that the state government may raise a loan of at least another Rs 30,000 crore by the end of , taking the total borrowing to over Rs 1.04 lakh crore in the 2020-21 financial year, sources in the Finance Department said.

APs debt burden was Rs 97,000 crore at the time of bifurcation in March), it peaked to Rs 2,58,928 crore.

From , Rs 1,14, installment loan Columbus no credit check crore was taken as loan from banks and other sources, with Rs 1,06, crore of it secured by the Y S Jagan Mohan Reddy regime since , the sources said.

In the first eight months of the current financial year, the state government incurred a revenue expenditure of Rs 70, crore, almost all of which went towards the numerous freebie schemes of the ruling YSR Congress.

Earlier, the Jaganmohan Reddy regime had imposed taxes and cess totalling around Rs 21,000 crore on people, citing shortfall in revenues due to Covid-induced lockdown. (más…)