Telangana News | Efforts being made to restructure State debts: CM Revanth
Chief Minister A Revanth Reddy has informed that his government is making efforts to restructure the State's debts.
Hyderabad: Chief Minister A Revanth Reddy has informed that his government is making efforts to restructure the State’s debts.
Addressing the programme after hoisting the National Flag at Golconda Fort on the occasion of 78th Independence Day celebrations, the Chief Minister said that he had met with the World Bank President during his recent visit to America and talks were held in a cordial manner in extending financial assistance with low interest rate for Telangana development.
My government will not commit the mistakes of borrowing funds with higher interest rates and putting a heavy burden on the people. Despite facing financial hurdles, the State government is making all out efforts to fulfill the promises of Abhayahastham with a commitment of bringing happiness in every family,” Revanth Reddy disclosed.
He explained that the State economy was completely ruined when the Congress assumed power in Telangana and the debt burden mounted by 10 times.
The total state debt at the time of formation of Telangana was Rs 75,577 crore and it has increased to Rs 7 lakh crore in December last year. The government released a white paper on State finances and also committed to revitalise the state economy, he revealed.
Stating that the State government is functioning in the interests of the majority of people, the Chief Minister informed that they are ready to rectify mistakes, if any and have been maintaining restraint though some forces made false allegations against the government.
Speaking about the crop loan waiver upto Rs.2 lakh, the Chief Minister said the State government has spent Rs 31,000 crore on farm loan waiver and it has freed farmers from debts on the same day of the Independence Day.
Revanth Reddy further informed that the State government has decided to constitute ” Vidya Commission” soon and Anganwadi centers will be upgraded as pre-primary schools.
“The task of providing quality education, skill development and job creation will be taken up on a mission mode,” he added.
