AP Looking At One Lakh Crore Loans This Year?

Andhra Pradesh seems to be running only on Loans. The State Government is looking to pool in 14,000 Crore only through loans in the next three months. The State Government had already taken loans to the tune of 15,000 Crore in the first three months of this financial year.

According to the estimates at the start of the year, the state needs 11,000 crores as loans in the first three months. In the wake of the Corona Crisis, the estimates have gone up to 15000 Crore. In the budget, the Government estimates loans at 54,257 Crore this year.

The Government is pooling in 29,000 Crore in the first six months and is likely to breach the 54,257 Crore limit by September. We may be looking at One Lakh Crore borrowings in this financial year, the financial experts say. There were some media reports that the Jagan Government in the first year of its tenure resorted to loans up to 77,000 Crore.

So, the loans are just ballooning every year which is not good for the state’s future.