Is Telangana Government Mortgaging 1.75 Lakh Acres? Kavitha’s Shocking Allegations Spark Major Controversy
Bharat Rashtra Samithi (BRS) Member of Legislative Council (MLC) K. Kavitha has accused the Telangana government of planning to mortgage 1.75 lakh acres of land belonging to the Telangana Industrial Infrastructure Corporation (TGIIC).
Hyderabad: Bharat Rashtra Samithi (BRS) Member of Legislative Council (MLC) K. Kavitha has accused the Telangana government of planning to mortgage 1.75 lakh acres of land belonging to the Telangana Industrial Infrastructure Corporation (TGIIC). She made the allegation during a press conference on Monday, raising concerns about the government’s actions and the impact it may have on the state’s resources.
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Telangana Government’s Alleged Move to Raise Additional Debt
Kavitha alleged that the Telangana government has turned the TGIIC into a public company to facilitate the raising of additional debt, claiming the change would allow the state to borrow thousands of crores. According to the MLC, a Government Order (GO) issued on April 15 authorized the transformation of TGIIC from a private limited company to a public limited entity. This move is believed to have been made to enable the Telangana government to access capital markets, including options like bonds, debentures, and even a potential Initial Public Offering (IPO).
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Government’s Lack of Transparency: Kavitha Questions the Motive
Displaying a copy of the GO, Kavitha raised concerns over the government’s lack of transparency regarding the changes. She questioned why the GO was not made public and demanded an explanation from the government about what they were attempting to conceal. She also pointed out that the GO states that TGIIC has been listed on the National Stock Exchange and that its status had been changed to a “high-value debt listed entity.”
Allegations of Corruption and Misuse of Funds
Kavitha further accused the Telangana government of borrowing an astounding Rs 1.8 lakh crore over the past 16 months and awarding contracts worth Rs 1 lakh crore. She claimed that Chief Minister A. Revanth Reddy had received a 20% commission from contractors, which amounted to Rs 20,000 crore.
The BRS leader criticized the government’s actions, stating that despite the massive borrowings, the government has failed to complete any development schemes. Kavitha demanded to know where the borrowed money had been spent. She alleged that out of the Rs 1.8 lakh crore, only Rs 80,000 crore was spent on loan repayment, while the remaining Rs 1 lakh crore was likely used to award contracts, with the Chief Minister allegedly pocketing huge commissions.
Kavitha Calls for Government Accountability
Kavitha, the daughter of BRS President and former Chief Minister K. Chandrasekhar Rao, demanded the immediate withdrawal of the government’s decision to mortgage the TGIIC land. She emphasized that TGIIC was a valuable asset of the people of Telangana and questioned why such a move was necessary.
She also challenged the government to release a white paper on loans, repayments, and government expenditure if her allegations were false. Kavitha added that the government has failed to implement its promises to the people, including providing a tola of gold for every poor girl’s marriage under the Kalyana Lakshmi scheme and fully executing the Mahalakshmi scheme, which promises financial assistance of Rs 2,500 per month to women.
