Andhra Pradesh Chief Minister is Going for High-Interest Loans

Jul 20, 2020 12:21 PM

Why is Andhra Pradesh Government taking a loan at a higher rate of interest which is 8-10 per cent from various foreign firms? In fact, the loans are available at a much lower rate of interest. Many financial establishments like the Asian Infrastructure Investment Bank, World Bank, Asian Development Bank, and Japan International Cooperation Agency are providing loan at a much lower interest rate. The interest offered is 1.4 to 3.2 %.

There was a concern raised by the spokesperson of TDP K. Pattabhi and he also urged for an investigation in money laundering. YS family is involved in money laundering through four suitcase companies in Chennai. There was 5.27 crore seized from the car of Minister Balineni Srinivasa Reddy, and it is indeed a glaring example of common man money looted and transferred to another country.

The finance Minister Buggana Rajendranath claimed that Andhra Pradesh revenue was 1.14 crore in 2019-2020, but it was incorrect because that was in 2018-19 when YSRCP wasn’t in power. The one year rule of YSRCP led to 37.9% fall in revenue. The former finance minister Ramkrishnudu analyzed that the fall was 1.78 lakh to 1.10 lakh. However, the YSRCP finance minister downplayed it that the decrease in revenue was 2.2%. The people are taken for a ride in Andhra Pradesh. The revenue expenditure in RS 1.28 lakh in 2018-19 and it increased by 7% in 2019-20 to Rs 1.37 Lakh.

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