The Jaganmohan Reddy government is eagerly awaiting approval and release of Rs. 6,000 crore loan from the New Development Bank (BRICS Bank). The urgency for this is the high level of concern in the government to mobilise money to start Jagan’s flagship welfare pogrammes under ‘Naravaratnalu’. Several times in the past, CM spoke confidently of World Bank and Asian Bank giving loans to his Cash Transfer schemes but nothing of that sort emerged.
As Jagan sent wrong signals on Amaravati Capital City project, the World Bank immediately withdrew from the project. Because of this, thousands of crores of low interest loans could not be secured for Andhra. World Bank strictly monitors whether its loans are being spent in intended developmental projects or not. Now, there is no favourable atmosphere in AP to win back confidence or loans from World Bank.
Amid this, the BRICS Bank has now entered the scene. Clearly, Jagan Circar has asked Rs. 6,000 Cr loan immediately for the purpose of developmental projects. Of the loan is asked for Navaratnalu, there is lesser chances of the bank approving the same. It is common sense any bank would give huge loans based on repaying capacity of the project concerned.
By the end of this month, Jagan is going to give Rs. 10,000 each to persons driving their own taxis and autos. From October 15, Rythu Bharosa is to be implemented to give Rs. 12,500 to each farmer. Afterwards, Rs. 15,000 is to be given to each mother under Ammavadi. Every month, Jagan Circar may be needing Rs. 7,000 crore nearly to feed his cash hungry non-productive Navaratnalu schemes.
