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Kutumba Rao Comments on AP CM Jagan Worst Ruling Comparing All Over India | Financial Crisis | ABN
Venkata Krishna Comment on AP Financial Crisis | CM Jagan Ruling | CAG Report on AP Govt ABN Debate
Andhra Pradesh is the first among major states in the country in terms of percentage of state borrowing. In the 2020-21 financial year, YSRCP-led YS Jagan Mohan Reddy government borrowed 142% more than what was estimated in its Budget. According to a report by the Comptroller and Auditor General of India (CAG) in December 2020, the fiscal deficit of Andhra was Rs 68,536 crore in FY 2020-21. The next highest was Rajasthan with a deficit of Rs 40,190 crore. An increase in fiscal deficit implies higher interest payments. Interest payments are considered non-developmental expenses that add burden on the taxpayer. As of December 2020, the state government had accumulated Rs 13,406 crore as interest payments in the current fiscal year.
The Union government has routinely reiterated the need for increase in capital expenditure, especially after the pandemic. Krishnamurthy Subramanian, India’s Chief Economic Advisor, during the presentation of the Economic Survey 2020-21, stressed that it is necessary to focus on using borrowed funds to create assets, which in turn generates income for the people. Union Finance Minister Nirmala Sitharaman during the Budget speech on February 1 also stressed on greater capital expenditure.

Capital expenditure generates jobs in the short and long term, ensuring more employment and higher income for the people. Capital expenditure can lead to wealth creation, the Union Finance Minister highlighted. However, borrowings are mounting in Andhra Pradesh while the state government directs all of its attention toward welfare schemes and providing social security.
In order to continue to provide these schemes, the state government has also systematically raised the tax burden. The government raised taxes in the last year, which will add more than Rs 9,000 crore to the state’s revenue each year. The burden of indirect taxes on each individual in the state is high. Among other things, the government changed the system of property tax calculation. With the new system, the government is set to receive Rs 8,000 crore, an increase of 176%,with the old system collecting Rs 2,900 crore in property tax revenue as of 2020.
“It is alarming and unsustainable. We don’t know when this state will collapse. The figures themselves speak. The revenue deficit and fiscal deficit are more than the Budget estimations. The revenue deficit was estimated as Rs 18,434 crore for FY 2020-21, but it crossed more than Rs 49,809 crore by December 2020. Against the budgeted fiscal deficit of Rs 48,000 cr for the financial year, it crossed Rs 68,536 crore by the end of December,” observed IYR Krishna Rao, first Chief Secretary of residuary Andhra Pradesh. Krishna Rao is also a member of the BJP.


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