146 Criminal Charges On Jagan

YS Jagan Mohan Reddy-led YSR Congress Party’s government has made more debts than development over the past five years.

The government has taken a never-seen-before amount of loan in this financial year. The government has been taking on excessive debt for the past two months to settle last year’s pending payments.

Also Read – A Committee To Assess Amaravati Condition

In just May and April of this year, the government borrowed more than Rs. 21,000 crores from the Reserve Bank. This marks the first time the government has taken such a huge amount of debt in such a short period.

Generally, the government never borrowed more than Rs. 5,000 crores per month on average. However, under Jagan Mohan Reddy’s rule, this figure has risen to Rs. 7,000 crores. In this financial year, it increased even further to Rs. 10,000 crores per month.

Also Read – Stock Market: CBN Stocks Beating Modi Stocks

If this trend continues, the debt will surpass Rs. 1 lakh crore in just one financial year, which is a concerning development.

In the last week of March, the government of Andhra Pradesh sent an indicative calendar to the Reserve Bank of India, informing about the planned debt for each week of the first three months.

Also Read – Illegal Structures Demolished Near Jagan’s House

Shockingly, the government stated in this calendar that it would take on Rs. 13,000 crores in April and Rs. 5,000 crores in May. However, the actual amount has already exceeded Rs. 21,000 crores.

Meanwhile, the central government sets the loan limit for the first nine months of every financial year. This time, the loan limit was set for the first six months.

The central government permitted borrowing of only Rs. 47,000 crores in six months. According to this limit, the government can take an average loan of Rs. 8,000 crores per month. However, Jagan’s government is exceeding this amount by taking Rs. 10,000 crores per month on average.

Jagan’s government has put many payments pending from the last financial year. To repay these payments, the government started taking more debt this year. The government already stated that it decided to take Rs. 14,000 crores in debt this year only for Direct Beneficiary Transfer (DBT).

Meanwhile, the government generated an income of around Rs.1.3 lakh crores through taxes last year, averaging about Rs. 10,800 crores per month. With debt exceeding tax income, it remains to be seen how the government will repay these loans.