CAG Finds Andhra Pradesh Calculations Flawed
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The Comptroller and Auditor General of India, In short CAG, has released the results of Andhra Pradesh Government for the fiscal year of 2016-17. Its results are very much worrying the trade analysts for shocking results. Let’s discuss the CAG report in brief to know AP’s economic status.After shaking the TRS Government with its results, the Centre has directed CAG to reveal AP’s report for the happened financial year. The reports are completely contradicting the AP Government’s claims.
Its CM Chandrababu Naidu being the most experienced Politician many times declared that the state is having double-digit growth in terms of revenue. He dared to declare that the State will soon stand on its own revenues thereby becoming a complete Independent State. A brief look at the CAG report suggests that the AP is actually in debt revenue. For the fiscal year of 2016-17, AP got a revenue of Rs 1,14,000 crores and its expenditure crossed Rs 1,16,000 crores thereby leaving the State in deficit. Even though this debt is less than the neighboring State Telangana, TDP Government is bluffing that the treasury is excess with funds. Also for the last financial year, AP has a debt of 17,000 crores from International Organisations and some are not enlisted in the bills. If this deficit continues further, then the State will have a total debt of nearly 2,00,000 crores such that GDP will rise like anything. Trade Pundits opine that within 5 years, the taxes will be increased by 50% and loans cannot be paid back leaving farmers in vain.
The State needs to payback 70,000 loans overall and it will increase more in the upcoming years mounting pressure on AP Government.Looking at these figures, its ex-partner Janasenani Pawan Kalyan earlier declared that TDP Government has failed to provide white papers on State’s expenditure. Seems Pawan who came to know this deficit has finally backed off from his support to TDP. If no measures are taken by the State Government, then the common man would suffer from excess taxes in the near future.
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