Andhra Pradesh's overall debt burden will mount to Rs 2,16,026 crore as the government is set to borrow a fresh sum of Rs 23,043 crore during the fiscal 2017-18.
The total debt will be a whopping 28.11 per cent of the Gross State Domestic Product (GSDP), according to figures provided by Finance Minister Yanamala Ramakrishnudu in his Budget presentation to the Assembly today.
"The outstanding debt includes un-apportioned amount of Rs 33,477.52 crore (between AP and Telangana on account of the state bifurcation)," the Budget document revealed.
The state's debt stood at Rs 1,92,983 crore, as per revised estimates, in 2016-17.
The state's open market loans will rise to Rs 1,37,598 crore while loans from the Centre will drop to Rs 8,439 crore.
Official sources in the Finance Department attributed the increased borrowings in 2017-18 to the upcoming capital city construction works and other major projects in the pipeline.
"The capital expenditure is going to be over Rs 7781 crore more than in 2016-17. For 2017-18, we made an outlay of Rs 21,959 crore for capital works," the sources said.
The government also made a provision of Rs 8,009 crore towards repayment of principal of the public debt.
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