The YSRCP government in Andhra Pradesh led by Chief Minister YS Jaganmohan Reddy is breaking all the records in taking loans from banks and other financial institutions.
It’s been 21 months since Jagan became CM of AP. The YSRCP government is running the show depending on loans instead of creating wealth through development programmes. The loans thus mobilised are used to fund Jagan’s Navarathnalu schemes.
AP finance minister Buggana Rajendranath Reddy last week announced that YSRCP government took loans worth Rs 73,000 crore in current fiscal 2020-21.
However, as per the data available with the finance department, the loans have already crossed Rs 1 lakh crore.
The loans are expected to touch Rs 1.20 lakh crore by March 31, 2021, when 2020-21 financial year ends.
This amounts to YSRCP government taking loans of Rs 333 crore per day in this fiscal.
This in turn amounts to taking Rs 25 lakh loan per minute
Can any government beat this record in India?
