Hyderabad, November 25: Congress MP and former TPCC president Captain N. Uttam Kumar Reddy on Friday demanded the Telangana Government to release a White Paper on the state’s financial status.
“Telangana is in a major financial crisis. It is almost bankrupt, with no money to spend on welfare plans and other expenses. Much of the revenue was allocated in installments to bad loans and high interest. While Chief Minister K. Chandrashekhar Rao is trying to cover up financial mismanagement through political statements, the BJP Government at the Center is trying to suppress Telangana economically by not releasing funds and imposing other fiscal restrictions,” Uttam Kumar Reddy said in a media statement today.
Uttam Kumar Reddy scoffed at CM KCR’s claim that restrictions on additional loans to Telangana were responsible for the current financial crisis. According to him, the State’s finances have been out of shape since the beginning because the TRS Government inflated figures, manipulated data and even manipulated facts to highlight Telangana as the richest State in the country. All the annual budgets presented by the TRS Government were unrealistic and based on high assumptions and not actual revenue. CM KCR also envisaged borrowing at high interest rates to show inflated figures of State revenue growth and per capita income, he said.
He pointed out that Telangana, when it was formed, inherited debts of nearly Rs. 69,000 crores accumulated in 60 years. But in the last eight years, due to KCR’s financial mismanagement, overall debts have risen to over Rs. 4 million million. Also, the per capita debt has increased to Rs. 18,157 in 2014-15 to Rs. 1 lakh in 2022-23. As a result, he said today, the Telangana Government spends a significant percentage of its revenue on loan repayments and high interest.
The Congress MP said the chief minister was showing a revenue deficit of Rs. 15 billion due to the current ceiling of the FRMB limit of Rs. 54 billion Rs. 39,000. “How could a deficit of Rs. 15,000 crores have an impact on the State budget. 2,56,958 crore?” he asked the chief minister pending nearly Rs.40,000 crore from the Centre.
Uttam Kumar Reddy said the TRS Government had not implemented a single welfare scheme 100% since 2014-15, mainly due to financial mismanagement. All schemes were limited to ‘prototypes’. For instance, double bedroom units were built in some areas and their images were used for publicity to create an impression as if all the promised 2.76 lakh 2BHK units were built. According to the Intensive Family Survey conducted by the TRS Government itself, nearly 22 lakh families in Telangana are homeless. However, the TRS Government did not build houses even for the alleged 22,000 families.
He also said that the Dalit Bandhu project was launched with a view to Huzurabad by-elections. Some selected families were given Rs. 10 thousand support and once the election was over, its implementation slowed down. He said that all 17 lakh poor Dalit families should be given the promised Rs. 10 thousand aid. However, the TRS Government has no funds to support even 10,000 families.
“More than 40 thousand people in Telangana are unemployed. There are nearly 23-24 lakh skilled youths who were registered with the State Public Service Commission. The TRS Government neither provided jobs nor paid the promised unemployment benefits. 3,016 unemployed youths due to lack of funds,” he said. .
Uttam Kumar Reddy advised CM KCR to hire financial experts to discuss and formulate solutions to resolve the ongoing financial crisis. He said that KCR and his ministers should stop making false claims of Telangana being the richest State with highest GDP growth and Per Capita Income. All these figures are fake and manipulated. He said that KCR should accept that Telangana has a huge debt that cannot be settled for the next two generations. “Before convening the assembly session, the TRS Government should release a White Paper giving the real figures of income, loans and estimated expenses. The current problem cannot be solved by giving political statements and blaming others”, he demanded. (Maximo Berriak)
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