AP debt burden grew to Rs 3.72L cr: CAG

Vijayawada: Andhra Pradesh's debt burden increased to Rs 3,72,503 crore, according Comptroller and Auditor general (CAG) latest report on the financial condition of AP, for 2021-22. The CAG report says the state government has taken 90 per cent of loans at 13.99 per cent interest. It has to clear debts to the tune of Rs 1,29,817 crore in the coming seven years. The report states that the Central grants to the tune of Rs 6356 crore were lapsed. When compared to last year, the debt burden increased by Rs 24,257 crore. The dues to power distribution companies (discoms) and irrigation projects stand at Rs 17,804 crore. The CAG report says that AP registered 18.47 per cent growth rate during 2020-21. The government tried to increase debt rate. The report says that several loans were not mentioned in Budget. The state government failed to release Rs 3,540 crore for various schemes, including National Health Mission as state's share.