Andhra Pradesh: The Top Borrowing State in India
The borrowing patterns in Andhra Pradesh show a slight gender difference with 60144 men and 60043 women in debt.
According to the Comprehensive Annual Modular Survey (2022-23) released by the Union Ministry of Statistics Andhra Pradesh holds the highest number of borrowers in India. The survey reveals that around 60092 people per 100000 in the state took out loans during this time. Following Andhra Pradesh are Telangana with 42407 borrowers and Tamil Nadu with 35703.
The borrowing patterns in Andhra Pradesh show a slight gender difference with 60144 men and 60043 women in debt. In rural areas the trends differ yet almost 98% of adults in the state have bank accounts indicating accessibility to financial services.
Former Chief Minister Jagan Mohan Reddy faces criticism for the increasing debt levels in the state during his tenure. However the high borrowing numbers could also be attributed to the significant presence of self-help groups like DWACRA which provide loans to many individuals.
This trend is about the complex financial situation in Andhra Pradesh where many people are engaging with banking services and borrowing to improve their livelihoods.