Centre to lend Rs 2600 crore to Andhra Pradesh

Hyderabad:  The Union government has agreed to give the state of Andhra Pradesh Rs 2,600 crore on loan to aid the state in the near future.

It is to be noted that Andhra Pradesh is among the 11 states to have received a green signal from the Union Department of Expenditure to avail an additional amount of Rs 15, 721 crore.

In what could be seen as a moment of relief for Andhra Pradesh, the Department of Expenditure has agreed to lend a sum of Rs. 2,665 crore. This step has been taken as part of the Ministry of Finance’s plans to spend a certain amount during the first quarter of 2021-22.

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AP is among 11 other states to have received the nod from the Centre, to borrow an additional amount of Rs 15,721 crore, as reported by the The New Indian Express. The borrowing amount approved for AP is about 0.25 percent of the state’s Gross Domestic Product (GDP).

The states eligible for a grant from the Centre have achieved at least 15% of the targets set during the end of the first quarter of  2021-22, as reported by the New Indian Express.  

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