AP Takes 17,750 Crore Loans in Three And A Half Months!

Andhra Pradesh Government has gone for another Rs 1,750 Crore Rupees loans in the securities auction at the RBI on Tuesday. The state government has agreed to pay the highest interest rate among all the states in the country to get these loans. With this, the total loans this fiscal have reached Rs 17,750 Crore.

The Central Government has allowed Rs 20,751 Crore loans in the first nine months of the financial year. That means for the rest of the two months, the state government can borrow only Rs 3,000 Crore more. The state has been borrowing at the rate of Rs 5,000 Crore per month.

So, the next two months are going to be tough. Finance Minister Buggana Rajendranath Reddy, however, says there is nothing dangerous about the financial position of the pandemic. “It is quite common to borrow more in the middle of a pandemic. Even the Central Government is doing that,” he said.

“We are borrowing and giving the same money to the people in the form of welfare schemes,” Buggana added.