The YCP Government has made proposals for taking massive loans to carry out works on projects, road repairs, etc. It has asked for Rs. 25,000 worth loans from the New Development Bank belonging to the BRICS group of countries. India is one of the member in BRICS Group. The bank is headquartered in Shanghai, China.
The representatives of the bank held discussions with CM Jaganmohan Reddy and the Ministers concerned in the capital city. Initially, the BRICS bank is considering to give a loan of Rs. 6,000 Cr to take up works on projects. The NDB is aimed at providing multi-lateral loans to the BRICS countries to meet their overall development goals. Presently, KV Kamath, an Indian, is the President of this bank.
The cash-strapped AP Government will get a major relief immediately once this loan is approved. The next few weeks give tough time to Jagan Circar as it has to start implementing most of the Navaratnalu Cash Transfer Programmes. Moreover, the RTC employees merger will mean an additional burden of Rs 6,000 Cr soon on the state exchequer.
