YSRCP Government. Finance Minister Payyavula Keshav said funds for capital infrastructure development were transferred

Finance Minister Payyavula Keshav | Photo source: File Photo

Finance Minister Payyavula Keshav said the central government has cut the borrowing capacity of the state government by Rs 76 billion due to the transfer of funds for capital infrastructure development in the 2023-24 fiscal year.

“The NDA government in Andhra Pradesh has begun to clear dues and has updated the central government and demanded that it be able to obtain legal debt capacity,” Mr Keshav told Mr Keshav. Hindu Tuesday.

Mr Keshav said the transfer of funds occurred in terms of special assistance to the National Capital Infrastructure (SASCI) program.

He explained that the government has been correcting financial problems for the past nine months as directed by Chief Minister N. Chandrababu Naidu. He added that the verified account has also been submitted to the central government based on the corrective measures taken.

He added that the central government approved Rs 20 billion after submitting a corrected account in the current fiscal year 2024-25. The minister said the state government will submit further clarifications related to Rs 1.6 lakh as requested by the central government.

He said the YSRCP government spent only Rs 40,000 crore under SASCI to develop capital infrastructure in the last fiscal year, while the NDA government spent Rs 7,000 crore in the past nine months.