AP state is in deep financial crisis

rp_Chander-Babu-Naidu-298x300-298x300-298x300-1-298x300-1-1-298x300.jpgAndhra Pradesh Chief Minister N Chandrababu Naidu admit the state is in deep financial crisis.

He reportedly admitted that AP is finding it hard to pay salaries to its staff despite a hike in its revenues in the first half of the fiscal year.

He said We have no money for salaries. We are already running on a huge overdraft”. The state recorded a 12.26% growth rate in the first quarter and the revenue earnings are Rs 22,800 crore in the first half of 2016-17 .

The state finance minister Yanamala says the state estimated its borrowings to be Rs 20,497 crore during the year. They have reached financial deficit and managed to run through borrowings.