It is well known how the YCP Government has been taking loans from every available source. Now, Finance Minister Buggana Rajendranath Reddy has requested the GST Council at the national level to give permission to Andhra Pradesh for 2 per cent additional loans.
After the Coronavirus economic impact, the revenues of the Central Government have also been badly hit. Ever since, the Central funds to the States have come down significantly. In this connection, Buggana has begun bringing pressure on the GST Council for permitting AP to procure more loans. Though the financial situation is grave, the AP Government is still going ahead with its Cash Transfer promises for which the Jagan regime is not hesitating to make new loans.
In his latest submissions, Buggana told the GST Council that there was a big cut in the Central funds. Only 15.5 lakh crore was given to the State for 2019-`2020 as against Rs. 18 lakh crore for 2018-`19. Unless these issues were rectified, the States would suffer heavily for lack of revenues.
Making this plea strongly, Buggana is bargaining for additional loan permissions. Already, the AP Government got greater loan eligibility by agreeing for electricity reforms like fixing meters on agricultural pumpsets.
PENTAstic!