In 2022, Andhra Pradesh’s account with RBI could not even maintain the Minimum Balance of 1.94 Crore for 322 days. That means almost ten and a half months in that year.
In case of no Minimum Balance, the Government has to resort to Ways and Means advances, Special Drawing facilities, and Overdrafts to get more loans.
Like this, Andhra Pradesh had gone to loans worth 1,06,325.66 Crore loans in the year and paid 111.72 Crore interest on it.
CAG also mentioned that a major portion of loans taken by the Government is not productive. They are mostly used to repay loans and cover revenue deficits (salaries, pensions, freebies, etc).
“The money used for development is very less and so, there are no ways of creating more revenue generation methods. If this continues, we can not write off the chances of the Government going into the quagmire of loans,” CAG wrote.
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