Hyderabad, Sept.10 (NSS): Chief Minister A Revanth Reddy has requested the 16th Finance Commission to provide a facility of either restructuring debts or extending additional assistance.
The Chief Minister attended the 16th Finance Commission meeting at Praja Bhavan here on Tuesday.
The 16 th Finance Commission Chairman Dr. Arvind Panagariya and its Members, Deputy Chief Minister Bhatti Vikramarka, Ministers Tummala Nageswar Rao, Jupally Krishna Rao, Uttam Kumar Reddy, Ponguleti Srinivas Reddy, Komatireddy Venkat Reddy, Sridhar Babu and Ponnam Prabhakar, Government Advisors K Keshava Rao and Shabbir Ali, Chief Secretary Santhi Kumari, senior officials from various departments were present in the meeting.
Speaking on the occasion, the Chief Minister has asked the members of the Finance Commission to increase allocation of central funds to States from 41 percent to 50 percent.
“Telangana is an economically growing, rapidly transforming state, which has contributed a lot to the ountry. Despite strong advantages, and a good economy, we are facing huge challenges.
We have a heavy burden of debt, which now stands at over Rs. 6.85 lakh crore, as of end of last financial year. This includes both budgeted and off-budget borrowings.
Large loans borrowed in last 10 years, has now created a situation where a significant part of our revenues is used just to repay debt,” Revanth Reddy pointed out.
“If we don’t manage our loans and interest payment, it will slow down our progress. We seek your support in helping us address this problem. I confident your recommendations will help
Telangana overcome its current challenges and continue on the path of growth,” the Chief Minister said in the meeting.
He further stated that the Union government has also a responsibility to take Prime Minister Narendra Modi’s vision make India a 5 trillion dollar economy.
“We exude confidence that Telangana would become one trillion economy soon. At the same time, there is a need of help for Telangana in making India become third largest Economy of the world,” the Chief Minister added.
