Jagan's Debts: Rs. 41000 crores in 4 months!?

There are reports that the jagan government is being aggressive in borrowing without considering the objections of financial experts from the opposition parties. Experts warn that andhra pradesh is going to become like Sri Lanka, but they say the jagan government is not paying attention. It is known that andhra pradesh is among the top 6 in the country in terms of debt in the recent calculations given by the central government.

Recently, major media published articles that Rs.41603 crores of debt was taken in the first four months of this financial year. It has been revealed that the debt has reached Rs.41603 crore within these four months, including the Rs.2000 crore taken in the securities auction held by the Reserve bank on august 2.

According to media reports, the jagan government has taken another Rs.1000 crore with an interest rate of 7.82% to be paid in 20 years with an interest of 7.72% over a period of twelve years. It is said that the state government has collected an average of more than Rs.10 thousand crores per month in four months. State revenue in april was Rs.9317 crores. It is said that the average debt is more than that at present.

Union minister of State for Finance Pankaj Chowdhury revealed in the rajya sabha that andhra pradesh has the possibility to take open market loan of Rs.43803 crore in the first 9 months of this financial year. Apart from this, it is said that due to the implementation of Contributory Pension Scheme (CPS), the Center has sanctioned an additional loan of Rs.4203.96 crores. Apart from this, the minister announced that permission has been given to take another Rs.2000 crore from NABARD.

However, the jagan government has taken a loan of Rs.21890 crore from the open market, Rs.40.17 crore from NABARD and Rs.1373.47 crore from the Center till the end of June. It is said that the amount of loans taken after the end of june till the second of august is also very large. It is said that the open market debt is Rs.10 thousand crores.

Apart from this, media reports state that the government has also collected a loan of Rs.8300 crore from the Beverages Corporation. If all these are added, it is said that the jagan government has taken a loan of Rs.41603 crores in the first four months of this financial year.