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For 2020-21, Ap Borrowed More Debts Than The Prescribed Limit
By: Tupaki Desk | 28 July 2021 6:36 AM GMT
The financial status of Andhra Pradesh is always a debatable one. The opposition parties in the state are targeting the government over the debts. TDP and BJP became critical of the ruling side in this regard.
Even the Union Government said the same that the Andhra Pradesh government is taking debts that are crossing the limits.
TDP MP Kanakamedala Ravindra Kumar raised a question in the Rajya Sabha on the details of the borrowings made by the government.
As a response to the Rajya Sabha member's question, Union Minister Of State For Finance Pankaj Chaudhary replied that AP borrowed more than its cap.
Saying that Andhra Pradesh government has made Rs 4,000 crore debt in excess, the Union Minister said the state is in deficit in Rs 54,369 crore revenue for 2020-21.
Mentioning the recommendations of the 15th Finance Commission, Pankaj Chaudhary said that Andhra Pradesh was permitted to take debts worth Rs 30,305 crore and the state was also allowed to borrow Rs 19,192 crore more under the Covid provision.
It has to be noted that the Andhra Pradesh wing of Bharatiya Janata Party has been critical of the YSRCP over the borrowings and accused the government of pushing the state towards huge debt.
Earlier, the Union Government had written to the Andhra Pradesh government to cut down its borrowings from the open market saying that the more the debts are taken the more it will impact the state economy.
Union finance ministry official Sumit Agarwal is said to have written to the Andhra Pradesh Principal Secretary to keep a cap on the borrowings from the open market.
With the Central Government clipping the wings of Andhra Pradesh in terms of taking debts and borrowings, the state Finance Minister met Union Finance Minister Nirmala Nirmala Sitaraman to seek permission for the borrowings.
Now the ball is in Andhra Pradesh government's court and we have to wait and see what the government has to say about the borrowings it has made crossing the limit.
The Andhra Pradesh government has brought several flagships schemes which are pushing the government to go for the borrowings.
Even the Union Government said the same that the Andhra Pradesh government is taking debts that are crossing the limits.
TDP MP Kanakamedala Ravindra Kumar raised a question in the Rajya Sabha on the details of the borrowings made by the government.
As a response to the Rajya Sabha member's question, Union Minister Of State For Finance Pankaj Chaudhary replied that AP borrowed more than its cap.
Saying that Andhra Pradesh government has made Rs 4,000 crore debt in excess, the Union Minister said the state is in deficit in Rs 54,369 crore revenue for 2020-21.
Mentioning the recommendations of the 15th Finance Commission, Pankaj Chaudhary said that Andhra Pradesh was permitted to take debts worth Rs 30,305 crore and the state was also allowed to borrow Rs 19,192 crore more under the Covid provision.
It has to be noted that the Andhra Pradesh wing of Bharatiya Janata Party has been critical of the YSRCP over the borrowings and accused the government of pushing the state towards huge debt.
Earlier, the Union Government had written to the Andhra Pradesh government to cut down its borrowings from the open market saying that the more the debts are taken the more it will impact the state economy.
Union finance ministry official Sumit Agarwal is said to have written to the Andhra Pradesh Principal Secretary to keep a cap on the borrowings from the open market.
With the Central Government clipping the wings of Andhra Pradesh in terms of taking debts and borrowings, the state Finance Minister met Union Finance Minister Nirmala Nirmala Sitaraman to seek permission for the borrowings.
Now the ball is in Andhra Pradesh government's court and we have to wait and see what the government has to say about the borrowings it has made crossing the limit.
The Andhra Pradesh government has brought several flagships schemes which are pushing the government to go for the borrowings.
