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State finances under duress, says Yanamala
Finance Minister Yanamala Ramakrishnudu said that state financial condition was alarming and the government was planning to borrow loans from banks to face present crisis.
Amaravati: Finance Minister Yanamala Ramakrishnudu said that state financial condition was alarming and the government was planning to borrow loans from banks to face present crisis.
Addressing a review meeting of finance department at Secretariat, here on Thursday, Yanamala said the state’s finances were under stress and the government was taking alternative measures to face the critical conditions.
Highlights:
- Says Rs 700 cr additional burden due to GST on work contracts
- Rs 2000 cr fort SHG to be released soon
- Accords permission for state-run corporation to take loans from banks
Finance secretary Ravichandra explained that the state government could borrow loans up to Rs 23,794 crore for middle of this fiscal as per rules of Fiscal Responsibility and Budget Management (FRBM) but Rs 16,000 crore had already been borrowed.
Yanamala said that state was planning to borrow loans from various banks to face the present crisis. “We will have to bare additional burden of around Rs 600 crore to Rs 700 crore due to 12 per cent GST on work contracts” he said. Finance Minister took the issue to the notice of Centre in the recent GST council meeting in Hyderabad.
Yanamala also said Rs 3,000 crore for farm loan waiver scheme and Rs 2,000 crore for self-help groups would be released soon. He said state government accorded permission to various corporations such as Rythu Sadikara Samstha, Mahila Sadhikara Samstha, APIIC, APUIDC, Irrigation, APRDC, Power Finance Corporation and others to borrow loans from banks.
“State will stand guarantee to those corporations as the banks will collect high interest rate from them if they take loan on their own” he said.
Finance special secretary Hema Muni Venkatappa, Audit director Srinivasara Rao and deputy director Vijayakumari participated.
