TDP targets CM Jagan Reddy over Andhra Pradesh nearly maxing out borrowings from RBI

Amaravati: Among all the states in India, Andhra Pradesh has nearly topped the charts on borrowing loans from the Reserve Bank of India (RBI) in the first four months of 2023-24, TDP spokesperson Kommareddy Pattabhiram on Sunday.

He said that out of 17 loans offered to state governments by RBI through the auction of state government securities, Andhra Pradesh has participated 14 times, including emerging as the first state to approach the central bank for loans. He also claimed that AP has already reached 97 per cent of the eligible limit for loans from the RBI.

“In this financial year, the Jagan Mohan Reddy-led government has till now raised loans to the extent of Rs 29,500 crore, thus taking the state to the top in borrowings,” Pattabhiram said, addressing a press conference at the TDP headquarters in Amaravati on Sunday. He also pointed out that the neighbouring states of Karnataka and Odisha are yet to raise loans in this fiscal. Though the Tamil Nadu has borrowed Rs 40,000 crore, the TDP leader observed that its Gross State Domestic Product (GSDP) of Rs 28 lakh crore enables it to borrow up to three per cent of its GSDP, which is Rs 85,000 crore.

Tamil Nadu did not even utilise 50 per cent of its credit limit but AP has already reached 97 per cent limit for the loans available from the central bank, he claimed. Contrasting the quantum of AP's borrowings with that of a bigger state like Maharashtra, he said western state has borrowed only Rs 23,000 crore, followed by Rajasthan (Rs 20,500 crore), Telangana (Rs 17,000 crore), Punjab (Rs 15,500 crore) and Kerala (Rs 12,500 crore), among others. He alleged that the chief minister has created a record of sorts by becoming the richest CM after resorting to large-scale corruption and borrowing huge amounts unlike any other state