AP Government draws record credits in May

May 31, 2022 18:15
AP Government draws record credits in May

AP Government draws record credits in May:- The government of Andhra Pradesh has been in neck-deep financial crisis and the state is running out of funds and investments. The opposition parties criticized the government for focusing on donation schemes for the people instead of inviting investments. The government of AP got Rs 9500 crores of credit for the month of May. The AP government participated in the security auction that is held by the Reserve Bank of India on every Tuesday. The Centre granted Rs 28,000 crore credits for the state from the market for the year of 2022-23. The AP government had already drawn one third of the processed amount in May alone and this turned out to be a sensation across the country.

The state can acquire Rs 2300 crores on an average as per the grants but the government took Rs 1500 crores in May itself. In the budget of 2022-2023, the government informed that the revenue through taxes as Rs 1,02,142 crores but the state is getting just Rs 8511 crores through taxes. Despite several restrictions, the government of AP has been acquiring credits. After the Centre warned of the huge debts, the state government argued that they can take credits worth Rs 61,000 crores. But the Centre announced that the state would get credits to Rs 28,000 crores.

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