The financial situation of Andhra Pradesh is worsened to the core, thanks to the ruling party YSRCP, the debts have reached a newly recorded sum of close to 10 lakh crores already. In this regard, the state which is already running on Overdrafts will be doomed soon, and to stop it, the AP CM Jagan has decided to seek the help of Indian Prime Minister Jagan.
Jagan hasn’t completed his four years of the term and already pushed the state into a deep financial crisis. The Finance department burrowed huge loans from all possible banks including RBI and despite multiple warnings from the Apex Bank, the state continued running on ODs. As the New Year followed by the Pongal holidays is approaching, huge pressure is mounting on the state government to pay pending salaries along with Pongal bonuses for government employees. With no way of getting new debts from anywhere, Jagan is now flying to the capital city, Delhi on the 28th of this month to meet Modi in order to get relaxations from RBI and to procure a couple of thousands of crores.
Financial experts only blame the improper management of funds by the state’s finance department along with Jagan’s Navaratnas and freebies for the current scenario of Andhra Pradesh.