The state had sought permission to borrow Rs 4,000 crore
Andhra Pradesh map
Hyderabad: Opining that the AP government was indulging in wasteful expenditure, the Centre has capped its borrowing at Rs 2,000 for the third quarter.
The state had sought permission to borrow Rs 4,000 crore. The Centre had permitted the state to borrow Rs 3,500 crore in each of the first two quarters.
Sources said that the Union finance ministry officials told their state government counterparts that the AP government was spending crores of rupees on unproductive work.
The government will borrow Rs 1,500 crore on October 11.
The government has so far borrowed Rs 7,000 crore against the cap of Rs 17,851 crore. This also covers loans from Nabard and external agencies.
( Source : deccan chronicle )
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