Telangana holding talks with World Bank for loans with low interest rates: CM Revanth Reddy

Hyderabad: In a veiled attack on the previous BRS regime, Telangana Chief Minister A Revanth Reddy on Thursday said his government would not make the mistake of borrowing funds with higher interest rates and impose a heavy burden on people, even as he highlighted his vision to develop Telangana as the 'future state'.

In his Independence Day address after hoisting the National Flag at the historic Golconda Fort here, the CM said the government is already making efforts to restructure the state debts and he met with the World Bank President during his recent visit to the US in this regard.

"I am delighted to announce that talks with the World bank representatives were cordial over extending financial assistance with low interest rate for state development. My government will not commit the mistakes of borrowing funds with higher interest rates and putting a heavy burden on people," he said.

"The total state debt at the time of formation of Telangana was Rs 75,577 crore and it has increased to Rs 7 lakh crore in December last year. The government released a white paper on state finances and also committed to revitalizing the state economy."

He alleged that the state's economy was in ruins when the Congress assumed power in the state in December last year.

Despite facing financial hurdles, the government is making all out efforts to fulfill the promises made by ruling Congress, he said.

Reddy recalled the contributions of former Prime Ministers Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi, Rajiv Gandhi and P V Narasimha Rao to the nation's development and the role of Congress Parliamentary Party chairperson Sonia Gandhi in the formation of Telangana.

He said his government accorded priority to "revive the freedom which Telangana was deprived of for the last 10 years" and it broke the shackles of physical and psychological slavery. Today, people have the freedom to question the government.

Reddy also highlighted the fulfilment of the ruling Congress' promises, including free travel for women in state-run buses, Rs 10 lakh Arogya Sri health scheme for poor, providing cooking gas cylinder for Rs 500, free power up to 200 units to the poor, Indiramma housing scheme and farm loan waiver.

Noting that the government is committed to providing Rs 15,000 per acre to every eligible farmer under the 'Rythu Bharosa' scheme, he said the government constituted a cabinet sub-committee which elicited opinions and suggestions from farmers, agriculture labourers, intellectuals and farmer associations on Rythu Bharosa.

Soon the Rythu Bharosa scheme would be launched after considering all suggestions and finalizing the modalities, he added.

The government has decided to join the Fasal Bima Yojana scheme to implement the crop insurance scheme and the government will pay the premium on behalf of the farmers.

According to Reddy, the government has given special focus on addressing the problems faced by the farming community due to the Dharani integrated land records management system (brought in by the previous BRS regime), and it is mulling bringing an integrated act to address land-related issues.

As part of reforms in education, the government has decided to constitute a "Vidya Commission" (education commission) soon and Anganwadi centers will be upgraded as Pre Primary schools.

He said the foundation stone was recently laid for Young India Skills University on Hyderabad outskirts and Mahindra group Chairman Anand Mahindra has consented to be the Chairman of the Skill University.

Observing that development and welfare should be undertaken equally to bring qualitative changes in people's lives, he said Telangana should be promoted as the gateway of the world.

"Telangana brand should be projected on the world platform. As part of it, Minister Sridhar Babu and myself visited America recently. We held meetings with global investors and multinational company representatives and explained investment prospects in Telangana. We projected Telangana as a Future State and explained the initiatives - Fourth city, Musi Riverfront Development project, Regional Ring Road, International standard civic infrastructure, Metro Rail expansion etc," he said.