The Central Government has said that the Andhra Pradesh government has been wasting money on non-productive adventures and it went on to put a cap on the borrowing limit of the state at Rs 2,000 Crore for the 3rd quarter this fiscal.
It is known that AP government is said to have sought the central government to borrow at least Rs 4,000 Crore per quarter. However, the central government had allowed AP to borrow up to Rs 3,500 Crore in the first two quarters of the fiscal.
As Centre has now identified that AP government has been spending Crores on non-productive work, the Union Finance Ministry officials have informed their counterparts of AP govt. of capping the borrowing limit to Rs 2000 Crore.
With this latest development, AP is planning to borrow Rs 1,500 Crore on October 11, for the 3rd quarter this fiscal.
