Andhra Pradesh Faces A Debt Burden Of Rs 3.73 Lakh CroresJanuary 04, 2021 13:14
Andhra Pradesh Faces A Debt Burden Of Rs 3.73 Lakh Crores:- The government of Andhra Pradesh which has been standing low in generating revenues is in a deep financial crisis. the government introduced various welfare schemes for the people after the formation of the new government. AP incurred a revenue expenditure of Rs 70,082.90 crores in the first eight months of the recent fiscal year. The gross debt burden of Andhra Pradesh got increased to Rs 3,73,140 crores by the end of November last year. These numbers are revealed as per the reports by the Comptroller and Auditor General of India (CAG). As per the reports coming from the PTI, the government of Andhra Pradesh borrowed Rs 73,811.85 crores during the period of April and November last year.
The state's annual target is said to be Rs 48,295.59 crores for the year 2020. The government of Andhra Pradesh also borrowed Rs 13,001 crores only in the month of November 2020 to continue the various welfare schemes in the state. The revenue deficit of Andhra Pradesh now stands at Rs 57,925.47 crores by the end of November for Andhra Pradesh. The government also borrowed Rs 9226.375 crores per month for the financial year of 2020-21 as of now. As per the current statistics, the government of Andhra Pradesh may further raise a loan amount of Rs 30,000 crores more by the end of March this year and the total borrowings are expected to reach Rs 1.04 lakh crores for the financial year.
At the time of the bifurcation of the state, the debt burden was at Rs 97,000 crores in June 2014. In five years, it reached Rs 2,58,928 crores. A loan amount of Rs 1,14,212.81 crores was taken between April 2019 to November 2020.