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WB granted 1000 crores loan to AP Govt

With the Coronavirus outbreak severely affecting every country, its impact on an already hobbling Indian economy is set to be devastating in all sectors of the company. 
The revenues of states in India sees bad in January to March and predicts worse in April to June this year. Andhra Pradesh economic situation is different to rest of the other state. Being deficit state, with Coronavirus outbreak the economy situation in the state seems to fall from frying pan into the fire.

Stamp duty and Excise duty are highest generated revenue sources for any state in the country. AP is getting least revenue from Revenue and Stamp duty because of stalling of constructions in the state. The only source for AP is from Excise Tax. Jagan Government has committed to implement all Navaratna schemes in the state though the economic situation not co-operated. YSRCP government took loan of 77K crores in FY 2019-2020. Forget about development programmes, with unexpected Coronavirus outbreak it is very difficult for the government to implement Navaratnas in the state.

AP Government received 1K crores loan from Reserve Bank of India. AP Government got the loan from RBI by putting auction of all government securities. RBI granted loan of 1,000 crores for 11 years period with an interest of 7.98%. Jagan government was already cut salaried of government employees in different percentages. Reportedly, AP government cuts the salaries in April month also. Revenue from Central Government also decreased because of pandemic virus. It looks grim economic situation in AP in FY 2020-2021.

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