Hyderabad: The Andhra Pradesh government’s debt is increasing as the government continues to borrow. It will raise another loan of Rs 1,000 crore on Tuesday, taking the total borrowings in the current fiscal to Rs 7,000 crore.
According to the Fiscal Responsibility and Budget Management (FRBM) Act the Centre has permitted the state to borrow about Rs 14,896 crore in this financial year from the open market.
During the first two quarters the Centre permitted to borrow Rs 7,000 crore and still the state has a balance of Rs 7,896 crore this year. The state is planning to ask the Centre to permit it to borrow the balance at one go.
Meanwhile, the total outstanding borrowings of the state have reached Rs 1,26,174 crore and the finance department is expecting borrowings to touch Rs 1,46,854 crore by the end of the current fiscal.
Meanwhile, the AP government’s own tax and non-tax revenue touched Rs 3,349 crore in August. Through VAT the government earned Rs 2,442 crore, excise Rs 211 crore, transport Rs 170 crore, stamps and registrations Rs 307 crore and mines Rs 117 crore. The non-tax revenue was Rs 102 crore.
