Amaravati: The Andhra Pradesh government’s putrid debt burden has elevated to Rs 3,73,140 crore by the slay of November 2020. CAG’s most modern accounts revealed that from April to November 2020 by myself Rs 73,811.85 crore was as soon as borrowed from different sources as in opposition to the annual aim of Rs 48,295.59 crore for your whole 300 and sixty five days.
In the month of November by myself, the federal government borrowed Rs 13,001 crore to foot the freebies invoice.
Against the targeted Rs 18,434.15 crore for the whole monetary 300 and sixty five days, the revenue deficit shot as a lot as Rs 57,925.47 crore by the slay of November itself.
The disclose government borrowed Rs 9226.375 crore on an life like month-to-month to this level throughout the 2020-21 monetary 300 and sixty five days.
Primarily the most modern borrowing pattern indicated that the disclose government might well also honest elevate a loan of no longer no longer as a lot as one more Rs 30,000 crore by the slay of March 2021, taking the whole borrowing to over Rs 1.04 lakh crore in the 2020-21 monetary 300 and sixty five days, sources in the Finance Division acknowledged.
APs debt burden was as soon as Rs 97,000 crore at the time of bifurcation in June 2014. In five years (unless 2019 March), it peaked to Rs 2,58,928 crore.
From April 2019 to November 2020, Rs 1,14,212.81 crore was as soon as taken as loan from banks and different sources, kredittlån Rs 1,06,866.25 crore of it secured by the Y S Jagan Mohan Reddy regime since June 2019, the sources acknowledged.
In the principle eight months of primarily the most modern monetary 300 and sixty five days, the disclose government incurred a revenue expenditure of Rs 70,082.90 crore, when it comes to all of which went in opposition to the heaps of freebie schemes of the ruling YSR Congress.
Earlier, the Jaganmohan Reddy regime had imposed taxes and cess totalling around Rs 21,000 crore on of us, citing shortfall in revenues attributable to Covid-caused lockdown.
Despite the lockdown throughout the principle quarter of the fiscal, the states revenue touched Rs 46,589 crore by November, ample-looking about Rs 4,500 crore rapid compared kredittlån the corresponding duration in the outdated 300 and sixty five days.
The disclose also bought Rs 8,000 crore extra in grants from the Centre compared kredittlån the corresponding duration.
The government created a brand recent entity called Dispute Construction Company exclusively to raise loans and it to this level secured Rs 10,000 crore from SBI, Canara Monetary institution and Punjab Nationwide Monetary institution, Finance department sources added.
The administration is looking ahead to the SBI to release one more tranche of Rs 3,000 crore loan as but one more cycle of freebies starts kredittlån the Rs 6,500 crore Amma Vodi blueprint below which over 43 lakh mothers would be paid Rs 15,000 every for sending their young of us to faculty.
But handiest Rs 14,000 can be in point of fact paid to the mothers as the federal government will deduct Rs 1,000 in opposition to Bathroom Construction Fund.
“The intention issues are going reminds me of a Telugu movie we had been shown throughout coaching in the Lal Bahadur Shastri Nationwide Academy of Administration. It be one thing adore Appu Chesi.. which design living off debts,” a senior IAS officer popular.
Senior bureaucrats level out that the disclose must shell out halt to Rs 35,000 crore per annum from the next fiscal handiest in opposition to hobby on the gift loans.
“Given our beget sources, the Central grants and outgoing in opposition to salaries, pensions and the heaps of doles, we would be required to raise more loans even for debt servicing.
That’s what you name the classic debt trap,” a high bureaucrat lamented.
Susceptible Finance Minister Yanamala Ramakrishnudu expressed effort over the disclose’s monetary condition as the fiscal deficit was as soon as about to touch Rs 1,10,320 crore.
“In the closing 19 months, the federal government borrowed Rs 1.5 lakh crore moreover imposing a tax burden of Rs 75,000 crore on of us.
This, despite a six per cent development in revenue in the principle six months of primarily the most modern fiscal,” Yanamala identified.
AP has now change into the disclose kredittlån most borrowing and minimal pattern attributable to the ‘crooked policies’ of Jaganmohan Reddy, the Chief of Opposition in the Legislative Council acknowledged.
When contacted, Finance Minister Buggana Rajendranath Reddy didn’t answer to queries on the disclose budget.