VIJAYAWADA: As per the 2023 budget estimates (BE), the total outstanding liabilities of Andhra Pradesh is Rs 4,42,442 crore, up from Rs 2,64,451 crore in 2019, Union Finance Minister Nirmala Sitharaman said in a written reply to a query raised by YSRC rebel MP Kanumuru Raghu Rama Krishna Raju in Rajya Sabha on Monday.
Raghu Rama Raju had sought to know whether the Centre has made an overall assessment of the financial condition of Andhra Pradesh after taking into consideration the various debts taken by the State government since May 2019.
In response, Sitharaman explained that compliance with the Fiscal Responsibility and Budget Management (FRBM) Act is monitored by the State Legislature. The Department of Expenditure under the Ministry of Finance generally follows the fiscal limits mandated by the accepted recommendations of the Finance Commission while exercising powers to approve borrowing by States under Article 293 (3) of the Constitution of India, she said.
Citing the Reserve Bank of India’s report titled State Finances: A study of budgets of 2022-23, the Union minister said the total outstanding liabilities of the State in 2019 were Rs 2,64,451 crore, which increased to Rs 3,07,671 crore in 2020 and Rs 3,53,021 crore in 2021. As per the revised estimates of 2022, it stood at Rs 3,93,718 crore and increased to Rs 4,42,442 crore as per the 2023 budget estimates.