RBI has released its calendar for the loans states and union territories need for the remaining three months of the current financial year. Andhra Pradesh Government has sent a proposal that it is seeking a whopping 23,000 Crore for the next three months.
The proposal is like 5000 Crore in January, 11,000 Crore in February, and 7,000 Crore in March. According to the rules, Andhra Pradesh can only borrow, 8,368 Crores for the rest of the year. That means it is seeking loans at least thrice of that is allowed.
The state government is allowed to take 44,396.18 Crores for the financial year, 2021-22. It has already borrowed 36,028 Crores in the nine months so far. So, it can borrow only 8,368 Crores for the rest of the year. The state government is planning to approach the center for additional borrowings.
Chief Minister YS Jagan Mohan Reddy will be meeting Prime Minister Narendra Modi, Home Minister Amit Shah, and other ministers tomorrow in Delhi. Additional borrowings will be the top priority item in his meetings with them, sources say.
