State Heading Towards Financial Crisis: Uttam Kumar

Hyderabad, May 30 (Maxim News): Nalgonda MP N. Uttam Kumar Reddy today predicted that Telangana State was heading for a major financial crisis in the next few months and the State Government might not be able to pay salaries and pensions.

He was addressing a series of meetings in different villages of the Huzurnagar constituency in the Suryapet district on the 10th day of the Rachabanda/Rythu Bharosa Yatra on Monday.

During his interaction with the farmers and other villagers, he explained the promises made in the Warangal Declaration unveiled by Congress leader Rahul Gandhi on May 6.

In the last 10 days, Uttam Kumar Reddy has covered 64 villages and one municipality spread across three Assembly constituencies in Nalgonda parliamentary segment.

Uttam Kumar Reddy said the TRS Govt might not be left with funds to pay for Rythu Bandhu in the next cropping season as the State’s exchequer was empty.

Accusing Chief Minister K. Chandrashekar Rao of mishandling the State’s finances, he said the TRS Govt never adopted a realistic approach to maintaining a balance between the actual revenues and expenditure.

“CM KCR has been making false claims for the last eight years that Telangana has become the richest State in the country.

But in reality, Telangana was being pushed into a huge debt trap. To inflate the growth figures, even the loans were shown as income.

This was pointed out not only by the Comptroller & Auditor General of India (CAG) in various reports but was also exposed by the 15th Finance Commission. Instead of taking corrective measures, KCR kept on lying about growth figures.

Consequently, the Reserve Bank of India has imposed a ban on Telangana from taking fresh loans in the current financial year,” he added. (Maxim News)

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