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AP News: Andhra Pradesh’s debt situation has worsened under the leadership of CM Jagan. Indeed, even after the gathering races, the state has kept on acquiring vigorously. Recently, Andhra Pradesh secured an additional Rs. 2,000 crores from the Reserve Bank of India. This included Rs. 1,000 crores borrowed for 17 years at an interest rate of 7.40 percent and another Rs. 1,000 crores for 20 years at 7.38 percent interest. Last week, through the auction of security bonds, the RBI raised Rs. 4,000 crores for the state.
CM Jagan’s policies have plunged Andhra Pradesh into substantial debt. As of April the state’s debt had reached Rs. 13.50 lakh crores. Despite this the Jagan administration has continued to take out loans from the Reserve Bank. This enormous debt equates to a burden of Rs. 2 lakh on every resident of the state. The public authority has fundamentally expanded its obligation through different companies. In February 2023, Andhra Pradesh’s debt stood at Rs. 9 lakh crores but due to continued borrowing it rose to Rs. 11.28 lakh crores by December 2023. Critics argue that CM Jagan has neglected wealth creation in favor of constant borrowing imposing a heavy financial burden on the people of Andhra Pradesh.
#AP News #AndhraPradesh #CMJagan #Debt
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