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With Steady Growth AP Revenue Deficit reach all-time high?

By:  Tupaki Desk   |   14 Feb 2022 10:56 AM GMT
With Steady Growth AP Revenue Deficit reach all-time high?
The divided Andhra Pradesh state and the revenue deficit go hand in hand. As a big concern for the state and its public, the revenue deficit of Andhra Pradesh has reportedly reached an all-time high and the officials' figures show a massive hike than what was expected by the experts.

A leading news outlet had carried out a big story on the revenue deficit of Andhra Pradesh and said that the deficit had gone past 900 percent. To be precise, the revenue deficit of Andhra Pradesh stood at 918.14 percent, which translates to Rs 45,907.65 crore in figures as per the story.

Highlighting how the deficit is growing steadily at regular intervals, the special story said that during the early months of the last financial year, the deficit stood at 270 percent and rose to 662.80 percent during the first half. Cut to a few months, the deficit went up to over 800 percent which rose at an unprecedented rate now.

After steady growth, the revenue deficit of Andhra Pradesh surpassed the 900-percent mark and recorded a deficit of 918.14 percent for December end. The percentage was quite high and within a few months everything changed for the state, the story observed.

The special story has put its concerns on the economy of the state while shedding light on how the gap between the revenues and deficit is widening in a steady phase. While the revenues, including the state earning and the Centers’ revenue, was Rs 69,943.71 crore, the deficit is Rs 45,907.65 crore.

The story also gives a special mention of the plight of the Andhra Pradesh government to get debts and how the government is mortgaging the assets to get loans for various purposes.

The Andhra Pradesh government is dealing with a great burden on the economy and gathering funds to pay the salaries for the employees is a great task for the government. On top of this, the special story gave an insight into the economy.

Recently, media reports are abuzz that the government had reportedly mortgaged a popular park in Vijayawada to get loans from HDFC bank. By mortgaging the 5-acre park, the government made plans for getting over Rs 200 crore. However, there is no info on how the government will use the loan amount.