VIJAYAWADA: BJP leader Lanka Dinakar said the CAG report released in May shows that the financial condition of Andhra Pradesh is in a precarious condition and the need of the hour is to control the future irreparable financial damage to the State due to unforeseen financial stress.
“The budgeted debt for the financial year 2021-22 is estimated at Rs 37,029.79 crore, while the state government borrowed Rs 22,427.76 crore in the first two months alone. It is deplorable to make 60.57 per cent of the total debt due in the first two months itself,’’ Dinakar said. He said the borrowings of June and July need to be verified and it seems to be a tough period for the next 10 months.
Dinakar said it has been observed that the debt has risen on the back of lower revenue collection of Rs 15,000 crore in the last two months on average monthly income and the budget estimates that the average capital expenditure till May will be around Rs 5,000 crore, while the actual capital expenditure incurred is only Rs 2,000 crore.
“As per the observation of the CAG, mismatch in fund utilisation has been noted as when the debt is rising, simultaneously capital expenditure is declining,’’ Dinakar said. “If Finance Minister Buggana does not open his eyes, the State’s financial situation will get out of control,’’ the BJP leader warned.