Telangana's fiscal situation in a downturn, bankers don't believe in state government's new loan: Revanth Reddy
Hyderabad: Chief Minister A Revanth Reddy said on Monday that Telangana's financial situation was in a “down” state, and the state said the state was unable to raise any new loans because bankers and others did not believe in the government.
He is responding to reports that a portion of government employees are urging the state government to meet their long pending requirements. “Telangana is in poor financial condition. We can't raise loans. No one is willing to step up and provide loans. Bankers see Telangana representatives as thieves.”
“No one is appointed in Delhi. No one believes in us (state government). Self-control (financial discipline) is the only solution. The staff is part of the Telangana family.”
The Joint Action Committee of Telangana Employees (JAC) submitted memorandums of 37 requests to the state government last month. They urged early resolution of these long-term problems related to government employees.
Reddy said the state government has paid an average of Rs 9,000 crore in debt services over the past 16 months to cover loans raised by the former BRS government at higher interest rates.
He further said: “We don't have a Rs road. We are financially hurt. The Tlangana State government's financial situation is similar to a bankrupt family. If anyone doubts, I'll give them an account publicly.”
He said the state government needs at least Rs 22,500 crore in revenue per month to meet all of these needs, compared with Rs 18,500 crore currently.
Calls on state employees, as well as organizations such as TGRTC, to not wash dirty linens in public places, as this will harm state government and administration.
Meanwhile, Revanth Reddy said that a perfect legal and order situation is crucial for any state or country to attract investment. He further stated that the state government attracted Rs 2.28 crore in investment after the Congress party was voted to pass power in December 2023.
