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Beleaguered state of Andhra Pradesh has set a new record in debt. As per the reports, AP’s debt is pegged at a staggering Rs 10 lakh crore. As on Jagan took over the reins of the state, AP’s debts were at 3.62 lakh crore. In the last 3 years, Jagan government made fresh debt of 6.37 lakh crore. So, the total debt of AP stood at 9.99 lakh crore.
For a record 10 lakh crore, AP is just short of Rs 561 crore debt. These figures were disclosed by TDP spokesperson GV Reddy who shared it on social media. He stated that the state would achieve this feat of Rs 10 lakh crore debt in a week time and thus bag this bad record.
The YSRCP-led government made debts of Rs 2.08 lakh crore from the RBI in the last 3 years of rule. From the Centre, it made another debt of Rs 5952 Crore. The debt of Corporations in the last 3 years was at Rs 80,603 Crore. By mortgaging properties, the state made another debt of Rs 87,233 crore. Besides all the above, the state took a loan of Rs 8,305 crore on the future revenue of liquor sale. Thus, the state is pushed into neck-deep debts.
The AP government is currently running the state on overdrafts. The state finance is at the lowest till date. The state would run into ODs and would come out of it for some hours and again returning to the Overdrafts. This is a critical stage, say financial experts. As per analysts, a state is not allowed to be in Overdrafts for more than 36 days in a quarter. In the present quarter (Q3 of FY 22-23), AP is in overdrafts for 25 days already. In December 2022, only 14 days are left. Thus, it becomes very critical for AP to run the remaining days.
The state government employees and retired employees are worried over the delay in the salaries and pensions. The employees unions have threatened to go on protest from April whereas several employees are demanding to protest earlier than this. Going by all this, AP has become a debt-laden state and we have to wait and see how Jagan would bail out the cash-strapped state.
Tags ANdhra Pradesh AP Debt
