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There is no end to the debts, the AP government is making to meet AP CM YS Jagan’s welfare schemes which are mostly financially oriented. Informing the same in Parliament, Union minister of state for Finance ministry, Pankaj Choudhary stated that the AP government is incurring huge debts in the name of welfare schemes and he kind of served a final warning.
According to the budget calculations, Andhra Pradesh’s debt in 2018 was Rs 2,29,333.8 crores, and now it has reached Rs 3,98,903.6 crores. Moreover, the percentage of debt in the budget is also increasing every year. Compared to last year in 2017-18, the debt percentage has decreased by -9.8 percent but for the year 2020-21 it has increased to 17.1 percent. The percentage of debts in GDP (Gross Domestic Product) has gone up in the last three years.
In 2014, when Telugu Desam formed the government, the debt was 42.3 percent of the state’s GDP and has since recorded a sharp decline. In 2015, AP’s GDP debt was 23.3 percent and by 2021, it has been recorded as 36.5 percent. The government of India warned that the non-budgetary debts are more than the debts shown in the budget and it is not a good sign.
While this is the grave situation of AP’s financial position, the YCP government is struggling with new debts. Loans received are also sufficient to pay interest on old debts and simultaneously, the AP government is also battling to pay salaries to employees and pension to beneficiaries.
Every month the AP government needs approximately Rs 5500 crore to pay salaries and pensions. But the irony is that the state’s treasury doesn’t even have Rs 2000 crore on the first of every month. Due to this the government is unable to pay salaries to all the employees at one go and some employees are receiving salaries very late.
The AP government sources have no clue how long this situation will prevail but they know that the financial matters are not looking good. These are clear indications of last warning to CM Jagan and AP government.
Tags Jagan Mohan Reddy
