VIJAYAWADA: Empty coffers welcomes the newly-elected YSRC government as the State exchequer has more or less Rs 500 crore, against the requirement of Rs 4,000 crore for the payment of wages, pensions and other regular expenditure in the first week of June.
With the TDP government rolling out new schemes like ‘Annadata Sukhibhava’, ‘Pasupu Kumkuma’ and doubling the payment of old age, widow and other social pensions from Rs 1,000 to Rs 2000 before the elections, the fiscal (2019-20) began with overdraft.
Sources said that against the limit to avail Rs 8,000 crore in the first quarter of 2019-20, the government has already taken Rs 7,000 crore (Rs 5,000 crore in April and Rs 2,000 in the beginning of May). Thus, the doors have been shut for the State government to avail such loans at this juncture. Adding more troubles, the Finance department has been clearing pending bills relating to water resources department in the last week without bothering about future needs such as payment of wages, the sources added and felt that a bumpy road is ahead for the new government.
Admitting that the financial situation of the State is alarming, an official of the Finance department told TNIE that they are searching for all ways to secure the required money for clearing of wages and pensions. Making it clear that there is no other option except going for overdraft this month too, the official added that they could get some relief in case of the getting pending funds from the Centre.