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AP saddled with Rs 1.05 lakh cr debt
AP Saddled with Rs 1.05 lakh cr Debt, The residuary State of Andhra Pradesh will be starting its operations with a debt burden of Rs 1.05 lakh crore. The finance department divided the loans based on the 58:42 population ratio.
- Telangana to inherit a debt burden of Rs 73,000 cr
- 58:42 population ratio taken as basis for distribution
- Govt paying Rs 9.1 cr as interest a month at present
Hyderabad: The residuary State of Andhra Pradesh will be starting its operations with a debt burden of Rs 1.05 lakh crore. The finance department divided the loans based on the 58:42 population ratio. They took the population census of 2011 in account. The population of residuary Andhra Pradesh is 4.95 crore and Telangana as 3.51 crore.
The loan arrears of Telangana will be around Rs 73,000 crore and the share of loans of the both States would be moved over to its accounts by June 2. The committee looking after sharing of assets and liabilities of the both the States finalized the figures by taking the debt burden of the Andhra Pradesh for the last five years. At present, the State government has been paying Rs 9.10 crore as interest per month on its debts and the two States would have to share the burden of debt servicing after the Appointed Date. An official working in financial committee said that governments of both states had heavy loan burden and they should go in a meticulous plans to tackle the finance situation. “Residuary Andhra Pradesh should get financial assistance from the Centre to meet the gap between the revenue and expenditure. The new government has to mobilise at least Rs 8,000 crore to meet its immediate demands”, he observed. T has a surplus of Rs 7,000 crore and it need not raise any money.
The loan burden of Andhra Pradesh in 2010-11 was Rs 1.35 lakh crore and it went up to Rs 1.53 lakh crore in 2011-12. In the year 2012-13, the figure touched Rs 1.78 lakh crore, which was forwarded in the 2013-14.
Free power burden of present AP government is around Rs 1.83 lakh crore and the and the interest burden has been Rs.18,000 crore as of 2013 besides an accumulated arrears of Rs 70,000 crore from Government. The two states have to share the burden of it on population basis.
