Andhra Pradesh   

A.P. to borrow Rs.16,000 crore

HYDERABAD: In a formal acknowledgment of its deteriorating financial health, the Andhra Pradesh government has resolved to amend the Fiscal Responsibility & Budget Management Act (FRBM) to facilitate borrowing of a huge sum of Rs. 16,000 crore and bridge the revenue gap.

The borrowing has become necessary as the revenue from land sales fell short by Rs. 8,500 crore from the Rs. 12,000-crore target projected in the budget, Information Minister A. Ramnarayan Reddy told reporters after a meeting of the Cabinet here on Saturday.

Disclosing that the amending Bill would be introduced in the coming Assembly session, he maintained that the borrowing would not cause any dent in the budget.

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