Andhra Pradesh On Top In Borrowings From RBI, Says TDP Leader Pattabhi

The Jagan Mohan Reddy government in Andhra Pradesh has raised loans amounting to Rs 29,500 crore so far in the financial year, surpassing all other states in terms of borrowing, Pattabhi said.

TDP Leader Kommareddy Pattabhiram ( Image Source :ABP Desam )

Andhra Pradesh stood on top among all the States in the country in borrowing funds from the Reserve Bank of India (RBI) during the initial four months of the current financial year, said Telugu Desam Party (TDP) national spokesperson, Kommareddy Pattabhiram. Pattabhiram stated that since April of this year, the RBI has conducted 17 loan auctions for various states through the issuance of state government securities. Andhra Pradesh actively participated in these auctions a total of 14 times, taking advantage of the opportunity to borrow funds. Andhra Pradesh was the first state in the country to approach the RBI for loans in this fiscal year, he said.

In this financial year, the Jagan Mohan Reddy government has till now raised loans to the extent of Rs 29,500 crore, surpassing all other states in terms of borrowing, the TDP national spokesperson said.

On the other hand, some of the neighbouring states, such as Karnataka and Odisha, did not raise any loans during this fiscal year, Pattabhi said. 

While Tamil Nadu has borrowed Rs 40,000 crore in this financial year, the TDP leader pointed out that the state's Gross State Domestic Product (GSDP) is Rs 28 lakh crore. Based on the rule that any state can raise loans up to three percent of its GSDP, Tamil Nadu could potentially borrow up to Rs 85,000 crore. Thus, Tamil Nadu has not utilised even 50 percent of its credit limit so far.

In contrast, Andhra Pradesh has already reached 97.4 percent of the limit that the state borrowed from the RBI alone, Pattabhiram said. These statistics indicate that Andhra Pradesh is in a worse situation than Tamil Nadu, he stated.

Giving the statistics of other states, the TDP leader said that bigger states in the country like Maharashtra have borrowed Rs 23,000 crore, Rajasthan Rs 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, and Gujarat Rs 5,500 crore. The backward state of Bihar has raised Rs 4,000 crore in this fiscal till now.

Pattabhiram said that Jagan Mohan Reddy has set a record of sorts by becoming the richest Chief Minister of the country, allegedly through large-scale corruption and by borrowing vast amounts of funds. He alleged that despite the significant borrowing, not even a single rupee is being spent on the development of the state, resulting in poor infrastructure and a lack of progress in irrigation.

He claimed that the people have already realised the situation in the state and are ready to teach a lesson to Jagan Mohan Reddy when the time comes.