Does Andhra Pradesh take a new loan of Rs 10,000 crore?
Andhra Pradesh government and debts are a perfect combination. The state government will go to any lengths to pay off debts given the weak state of the economy. Most of the debts contracted by the government go to social assistance schemes that cover various communities.
The opposition parties are making a lot of noise about the debts contracted by the government and the ruling party is not listening. Forget opposition parties, even the union government said that Andhra Pradesh is among the states that are taking on huge debts. Despite all this, the AP reportedly sought out new debt.
According to media reports, the Andhra Pradesh government allegedly took a loan of Rs 1000 crores from the Reserve Bank of India (RBI) by participating in the proceedings. The auction reportedly happened the other day. From April 2022 to date, the government allegedly borrowed Rs 25,000 crore through security bonds.
Reports also say that half of the amount was taken with a time limit of 18 years, while the rest was taken with a time limit of 20 years, which allegedly makes the debts incurred by the Andhra Pradesh government from April this year to Rs 48,100 crore
In just five months, the government borrowed Rs 37,890, while Rs 390 crore was taken from NABARD. In addition to this, the government took Rs 1,680 crores of debts through EAP from the Center, and Rs 8,300 crores of debts were taken through the Beverage Corporation in June.
It is known that the Union Government gave permission to the state government to take a loan of Rs 44,574 crore for this fiscal year. In addition to this, the state government was also given a special benefit to take an additional loan of Rs 4,203 crores if you continue with the Contributory Pension Scheme (CPS).
As the CPS system has not yet been canceled in the state, there is a high probability that the state government will opt for the loan amount of Rs .44574 and if this happens, then the government will be an option to take additional loans worth of only Rs 677. crore. However, there is also a criticism that the government is not showing the debts, it is not listing the debts that it took on under the name of Beverages Corporation.
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