Telangana CM urges PM Modi to restructure Rs 2 lakh crore loans

Hyderabad: Telangana Chief Minister A. Revanth Reddy, on Friday, appealed to Prime Minister Narendra Modi to restructure the loans borrowed at high interest by the previous government. 

The Chief Minister said that the Congress government has been facing a severe economic crisis due to mounting debt and interest burden.

“To overcome it, I convinced the financial institutions from where the state borrowed loans and restructured Rs 26,000 crore loans at 7.5 per cent interest rate for 35 years,” he said.

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The Chief Minister stressed that the Union Government should also rescue the state in the crisis and appealed to Prime Minister Modi to restructure Rs 2 lakh crore loans.

He announced that he will develop Hyderabad City as a “Great City”.

“I will develop the city in a great manner that people will remember for 100 or 1000 years in future. N. Chandrababu Naidu developed Hi-tech City, and YS Rajashekhar Reddy constructed the Outer Ring Road. Quli Qutub Shah laid a strong foundation by constructing Charminar. Likewise, my name will also be etched in history forever,” he said.

Revanth Reddy said that he is young and energetic, and committed to the development of Telangana.

He dismissed the criticism by the opposition on his visits to Delhi. Telangana CM stated that he visits Delhi regularly to seek the central clearances for the pending state projects. He criticised the previous governments that used the CM’s official residence in Delhi as a farmhouse by hosting parties.

The Chief Minister said that he is visiting Delhi to get the central clearances for the Musi Rejuvenation project, Metro Rail second phase and making efforts for last-mile connectivity. The Metro project should be extended to Shamirpet and Medchal. The government was also seeking central approvals for the Regional Ring Road, the Regional Ring Rail and the airports.

The proposal to develop a Dry Port on the Greenfield highway between Hyderabad and Amaravati was already sent to the Centre and is waiting for approvals. The state is being developed as Core Urban, Semi Urban and Rural Area in a planned way. Redial roads to connect ORR and RRR were already planned.

CM Revanth Reddy lambasted the previous government for not expanding the metro rail project in the city. Hyderabad’s traffic problem would have been solved at least to some extent had the previous government completed the metro rail expansion in the last 10 years, he said.

The CM explained that the main objective of HYDRAA is to protect the water bodies from encroachment. The builders will be at a loss if they get carried away by the misinformation campaign against HYDRAA by a senior opposition leader, the CM warned.

The Chief Minister also warned the reality industry not to fall prey to the opposition’s “propaganda” against the government. The government policies and construction are the growth engines for state development.

“We are moving forward with development plans by overcoming misconceptions and suspicions. The differences of opinion between the leaders gave rise to such suspicions and misconceptions for a while,” he said and claimed that the government took all measures to compete with the world without policy paralysis after the change of dispensation in the state.

Stating that the government is inviting investments by introducing transparent policies, the Chief Minister said that the government’s responsibility is not only to protect investments, but also to encourage them to earn profits.

“The investors will lose profits if they rely on the misconceptions created by the political leaders”, the CM said, adding that the government is ready to dispel all the doubts.

“We are already inviting global investments, and the local investors will be given priority,” he added.