Andhra Pradesh stood on prime amongst all of the states within the nation in borrowing funds from the Reserve Bank of India (RBI) within the first 4 months of this monetary 12 months, mentioned the Telugu Desam Party (TDP) nationwide spokesman Kommareddy Pattabhiram.
Pattabhiram mentioned that from April this 12 months the RBI has prolonged loans 17 instances until now to numerous states by way of public sale of state authorities safety. Andhra Pradesh utilised this chance to the utmost attainable by taking part on this public sale for 14 instances.
In reality, Andhra Pradesh is the primary state within the nation to strategy the RBI this fiscal, he mentioned.
In this monetary 12 months, the Jagan Mohan Reddy authorities has until now raised loans to the extent of Rs 29, 500 crore thus taking the state to the highest in borrowings, the TDP spokesperson mentioned.
The neighbouring states of Karnataka and Odisha haven’t raised any loans on this fiscal, he mentioned.
Though Tamil Nadu has borrowed Rs 40, 000 crore on this monetary 12 months, its Gross State Domestic Product (GSDP) Rs 28 lakh crore, Pattabhi mentioned.
Since any state can increase loans upto three per cent of the GSDP, Tamil Nadu can increase loans upto Rs 85, 000 crore, he narrated. Going by this, Tamil nadu has until no longer utilised even 50 per cent of the credit score restrict, he defined.
However, Andhra Pradesh has already reached 97.4 per cent of the restrict which the state borrowed from the RBI alone, Pattabhiram mentioned. These statistics clearly point out that Andhra Pradesh is in a worse scenario than Tamil Nadu, he acknowledged.
Giving the statistics of different states, the TDP chief mentioned that larger states within the nation like Maharashtra has borrowed Rs 23, 000 crore, Rajasthan 20, 500 crore, Telangana Rs 17, 000 crore, Punjab Rs 15, 500 crore, Kerala Rs 12, 500 crore, Uttar Pradesh Rs 9, 500 crore, West Bengal Rs 6, 500 crore, Gujarat 5, 500 crore. The backward state of Bihar raised Rs 4, 000 crore on this fiscal until now.
He alleged that Jagan Mohan Reddy has created a document of types by turning into the richest Chief Minister of the nation after resorting to large-scale corruption and by borrowing big quantities of funds.
Why solely Andhra Pradesh is badly in want of borrowing funds in contrast to every other State and why solely the State is knocking on the RBI door a lot earlier than different States, he requested.
“The only answer is the large-scale corruption of Mr Jagan Mohan Reddy who is borrowing funds and diverting them to his own coffers through backdoor, ” he mentioned.
Observing that not even a single rupee is being spent for the event of the state, he mentioned on account of this the roads are in such a nasty situation whereas irrigation has taken a again seat.
He claimed that the individuals have already realised the information and are prepared to show a lesson to Jagan when the time comes.