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CAG report exposes disarray and anarchy in financial management of AP: BJP spokes person
The CAG report for the financial year 2021 - 22 reveals that Andhra Pradesh’s state financial management is in disarray, and rampant fiscal anarchies observed BJP spokes person Lanka Dinakar.
VIJAYAWADA: The CAG report for the financial year 2021 - 22 reveals that Andhra Pradesh’s state financial management is in disarray, and rampant fiscal anarchies observed BJP spokes person Lanka Dinakar.
Speaking to media here today he said the state's financial management is chaotic and AP's debt situation in the country is poor in the creation of assets due to inadequate capital expenditure.
Dinakar said according to the RBI report Punjab's Debt to gross domestic product (GSDP) is 48%. However, according to CAG's revised statistics, Andhra Pradesh's debt to gross domestic product (GSDP) is 40.85% for the financial year 2021-22, which shoots up to 50% when consider the State Government Corporation Loans served out of the State Consolidated Fund, Outstanding bills for Contractors and Suppliers, Discom Loans, Panchayat Funds diversion and illegitimate use of employees GPF are taken into account, which is the worst in India and reaches total debts of the State for Rs. 10.70 lakhs Crores together with the unauthorized debts as BJP state president Purandeswari has clearly expressed in the past.
He said apart from the budget loans, loans of corporations & Special Purpose Vehicles paid out of budgeted revenue amounted to Rs.1,18,393.81 crores and loans to DISCOMS amounted to Rs. 17,840.20 crores. Still if we see, same kind of financial mismanagement is implementing in the state by the YSRCP Government.
Dinakar said according to the CAG report, as on 31 March 2022, the total budget borrowings were Rs.3,72,503 crores, the loans of corporations & special purpose vehicles paid out of budget revenue were Rs.1,18,393.81 crores, the total loans would be under the FRBM's purview was Rs.4,90,897 crores. These total loans of Budget borrowings and off Budget Borrowings served out of Budget revenues are estimated to be around 6.50 lakh crores by 31st March 2023, which has crossed 7.50 lakh crores as of now. In addition to this borrowings, the Discom’s debts, panchayat fund diversions, bills to be paid to contractors and suppliers, and employees’ PF diversions, the total debt of the state is over 11 lakh crores right now.
CM YS Jagan Mohan Reddy is rapidly taking the state towards the record target of one dozen lakh crores of debt, and for the current financial year 2023-24,State Government has already brought 43 thousand crores of budget loans and another 23 thousand crores of loans from corporations already. CAG's comments that the off-budget borrowing bypassing the FRBM limit is falling on higher revenue and fiscal deficit.
Revenue Deficit & Fiscal Deficit Gap: 38,169.31 crores in the month of February for the fiscal year 2021-22 has decreased by 29,789.80 crores to 8,370.51 crores in the month of March pertaining to the Revenue Deficit. Also, simultaneously decrease the fiscal deficit by Rs 51,112.67 crore in the month of February to Rs 25,918.05 crore in the month of March for the Financial Year 2021-22 is an unimaginable in the statistical history of the state government.
