The YSRCP-ruled state government is stunning all the trade experts by debiting tons and tons of money every month. According to the latest reports, Jagan is keen on taking more loans from the RBI again by the end of this month.
Already the state is suffering from huge financial deficits and the government everywhere is selling and auctioning government lands to get more and more money to run the state and give freebies along with paying salaries for the government employees. Just from the month of April to November, the AP government took a total loan of Rs 65,000 crores of rupees from various banks like NABARD and others, of which Rs 43,000 crores are solely taken from The Reserve Bank of India. As this is not enough, AP Government is looking forward to participating in the RBI’s auction on the 29th of this month. It will use corporations to get more debts and as of now, the state is bidding to get Rs 1,500 crores of rupees from it. Even though RBI is against corporations, the AP Government guarantees all its corporations, thus enabling the bank to give more debts.
Political observers say that the current government is doing huge damage to the state such that it won’t recover from its deficit anytime soon. These acts of the YSRCP Government are indeed contrary to their claims of AP’s financial status getting better with each passing day.