Saddled with Rs 8 lakh crore loans, Telangana has plunged into debt trap: Union Minister Kishan Reddy
Union Minister for Tourism G Kishan Reddy on Friday slammed the K Chandrasekhar Rao-led BRS government for plunging Telangana into a debt trap on the back of alleged rampant corruption and suicides of farmers.
After hoisting the national flag at the historic Golconda Fort on Telanganas 10th State Formation Day, Reddy said there is a need to introspect whether the state is transforming according to the aspiration of the people and martyrs of the statehood movement.
“The budged debt of the state is Rs 3.12 lakh crore. Through PSUs, corporation banks, NBFCs, NABARD, Power Finance Corporation and RBI, the government raised about Rs 8 lakh crore debt. The state is plunging into a debt pile… Telangana borrowed over Rs 8 lakh worth loans from various organisations, he charged.
He alleged that the state government has slipped into a position where it is unable to pay salaries to its employees and bills to small contractors.
“Telangana was made as a slave in the hands of one family. There is rampant corruption in the state, he further fired.
He said as many as 360 people in the first phase of the struggle and about 1,200 people died in the third phase of the Telangana statehood struggle.
He claimed that the state government has borrowed money from all the institutions that can give loans in the world and the debt funds were not spent on welfare and development.
Elaborating the measures taken by the central government during the past nine years, Reddy said that Rs 1.2 lakh crore was spent for building national gighways in the state.
Apart from introducing two Vande Bharat Express trains, the Railways is modernising Secunderabad Railway Station with a budget of Rs 720 crore and 30 more stations have been selected for modernisation.
The Union Minister also informed that the Centre has approved the construction of two new superfast railway lines connecting Telangana and Andhra Pradesh and the railway authorities have been instructed to conduct necessary surveys to enhance connectivity between these regions.
Reddy also recalled that Prime Minister Narendra Modi dedicated Ramagundam Fertilizers and Chemicals Limited (RFCL) to the nation last year.
He hoisted the national flag and reviewed the Guard-of-Honour by the contingents of CRPF and CISF.
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