AP tops in borrowings from RBI in 4 mths: TDP

Vijayawada Andhra Pradesh stood on top among all the States in the country in borrowing funds from the Reserve Bank of India (RBI) in the first four months of this financial year, said TDP national spokesman Kommareddy Pattabhiram on Sunday. Talking to media persons at the party headquarters near here, he said that from April this year the RBI has extended loans 17 times till now to various States through auction of State Government Security of which Andhra Pradesh utilised the opportunity to the maximum possible by participating in this auction 14 times.

In fact, Andhra Pradesh is the first State in the country to approach the RBI this fiscal, Pattabhi pointed out.

In this financial year, the Jagan Mohan Reddy Government has till now raised loans to the extent of Rs 29,500 crore thus taking the State to the top in borrowings, the TDP national spokesperson alleged.

The neighbouring States of Karnataka and Odisha have not raised any loans in this fiscal, he stated.

Though Tamil Nadu has borrowed Rs 40,000 crore in this financial year, its Gross State Domestic Product (GSDP) remained at Rs 28 lakh crore, he said. Since any State can raise loans upto three per cent of the GSDP, Tamil Nadu can raise loans upto Rs.85,000 crore, he narrated. Going by this, Tamil Nadu has till now not utilised even 50 per cent of the credit limit, he explained.