AP debts double since 2019, soar to Rs 4.4 lakh crore

New Delhi: Andhra Pradesh's debt is zooming into the skies, more so since 2019. After the advent of the YSRCP government, the debts only doubled during this period and have reached Rs 4.42 lakh crore, according to the Union government.

Union minister of state for finance, Pankaj Chowdhary disclosed this in Rajya Sabha in a reply to a question by the TDP MP K Ravindra Kumar here on Tuesday.

In addition, the borrowings in the name of corporations and others are adding to these debts.

Pankaj Chowdhary in his reply stated that the borrowings shown in the budget of AP in 2019 were Rs 2,64,451 crore while the next year it were shown as Rs 3,07,671 crore and in 2021 they stood at Rs 3,53,021 crore. The same was shown as Rs 3,93,718 crore in 2022 and in the budget proposals of 2023 they become Rs 4,42,442.

The Union minister also added that in addition to these debts, the state government was taking loans through corporations and using other ways and means. The debt burden outside the budget itself is growing alarmingly.

AP finances have been under cloud and the state government has been blaming the TDP rule for the mounting debts which the latter has been denying. Even the finance ministry has been cautioning the state against the mounting debts and asking it to restrain.

However, the state government has been ignoring saner counsels and continuing its borrowings to keep up freebies promised by it to the electorate and its direct benefit transfers.

Chief Minister Y S Jagan Mohan Reddy often has taken pride in claiming that he had been keeping his promises despite hardships.

There are also charges of fund diversion from various departments and diversion of Central funds for its pet schemes by the state government.