Hyderabad, Sept 11 (Maxim News): Chief Minister Revanth Reddy said “I promise you (Referring to the 16th Finance Commission) that I will take a huge responsibility of Prime Minister Narendra Modi’s vision to make India a 5 trillion dollar economy and the state contribution to this vision will make Telangana 1 trillion economy”.
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Addressing the 16th Finance Commission meeting held at Praja Bhavan, today, the Chief Minister said, we are happy Telangana is an economically growing, rapidly transforming state, which has contributed a lot to our country.
CM Revanth Demands Increase of Central Funds
Despite having 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 the end of last financial year. This includes both budgeted and off-budget borrowings. Large loans borrowed in the last 10 years have not created a situation where a significant part of our revenues is used just to repay debt. 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. He asked the 16th Finance Commission to give options to either restructure debt or kindly offer us additional assistance. I also strongly place my demand and I speak for all States on this increased allocation of Central funds to states from 41 percent to 50 percent.
The Chief Minister said that Telangana is the youngest state of India, A state now called – The Future State, Our Constitution says clearly India is a Union of States. So kindly help Telangana so we can in turn Help India become the third-largest economy in the world.
He said that we look forward to your support in strengthening fiscal federalism. I am confident your recommendations will help Telangana overcome its current challenges and continue on the path of growth. (Maxim News)
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