Andhra Pradesh has outstripped the rest of the country in raising loans from the Reserve Bank of India within the first four months of the 2023-24 FY and has participated in 14 out of 17 auctions of government securities conducted by the Central bank since the beginning of the financial year, Telugu Desam Party (TDP) spokesperson K. Pattabhiram alleged on Sunday (July 30).
A.P.’s borrowings so far this year have amounted to ₹29,500 crore whereas Karnataka and Odisha have not raised any loans this fiscal, Mr. Pattabhiram claimed.
Addressing media persons at the party office near Mangalagiri in Guntur district on Sunday, Mr. Pattabhiram said Tamil Nadu (TN) borrowed ₹40,000 crore in FY 2023-24 against its Gross State Domestic Product (GSDP) of ₹28 lakh crore.
As per the existing norms, Tamil Nadu could raise loans up to 3% of its GSDP (₹85,000 crore) but its actual borrowings were not even 50% of the credit limit. In contrast, A.P. has already reached 97.40% of its limit, he said.
Maharashtra borrowed ₹23,000 crore, followed by Rajasthan at ₹20,500 crore, Telangana ₹17,000 crore, Punjab ₹15,500 crore, Kerala ₹12,500 crore, Uttar Pradesh ₹9,500 crore, West Bengal ₹6,500 crore and Gujarat ₹5,500 crore. Even a backward State like Bihar raised ₹4,000 crore loans so far this fiscal, he said.
