A.P. Assembly approves ₹41,590 crore grants for key departments
The Hindu
Andhra Pradesh Assembly approves ₹41,590 crore grants for key departments, focusing on debt servicing and employee benefits.
The Andhra Praqdesh Legislative Assembly on Wednesday approved grants related to the Ministry of Finance, Planning, Commercial Taxes and Legislative Affairs (for fiscal administration, planning, surveys and statistics, commercial tax administration, and expenses of the State Legislature) amounting to nearly ₹41,590 crore, a substantial chunk of would be spent on debt servicing and payment of employees’ pensions and other retirement benefits.
Besides, the Assembly approved grants of approximately ₹863 crore for the Governor and Council of Ministers and for general administration and elections.
Finance Minister Payyavula Keshav said that the government was gradually improving the extremely difficult situation created by a legacy debt of ₹9,74,000 crore, and it could bring down the average rate of interest from 12.5% to 9.1%.
“The government has cleared ₹24,811 crore of liabilities in recent months and paid ₹37,000 crore on pending works bill,” he said.
Eighty-five Centrally sponsored schemes, that came to a halt during the YSR Congress Party’s (YSRCP) tenure, were revived by paying ₹18,750 crore towards the State’s share.
Efforts are being made to mobilise more funds under Special Assistance to States for Capital Investment (SASCI) scheme for which only one more month remained.
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