Revanth Reddy admits unable to spend even Rs 500 crore per month for capital expenditure

The CM said Telangana's monthly revenue is Rs 18,500 crore. Out of this, Rs 6,500 crore is allocated for salaries and pensions, while Rs 6,500 crore is used for loan repayment and interest. This leaves only Rs 5,500 crore for welfare and development, he told New Delhi.

Hyderabad: A day after announcing plans to develop a Future City on 30,000 acres, chief minister A Revanth Reddy admitted that the state government was finding it difficult to spend even Rs 500 crore per month for capital expenditure.

He said Telangana's monthly income is Rs 18,500 crore. Of this, Rs 6,500 crore is being spent on salaries and pensions and Rs 6,500 crore on debt and interest payments. At an India Today conference in New Delhi, the chief minister said only Rs 5,500 crore is left for welfare and development.

When pointed out that Telangana is battling a fiscal deficit and has promised to provide Rs 50,000 crore for guarantees in 2024, the deputy chief minister also announced that Rs 80,000 crore is being raised as market borrowing. The chief minister said the race has to go on.

Looking at the financial position and the manner in which the guarantees were being executed, the Chief Minister replied that he was not in a position to repay the loans but also not in a position to execute the guarantees.

When asked about the Congress high command raising questions over his friendly relations with the Prime Minister, Revanth Reddy revealed, "I have a good relationship with Modiji. There are no personal issues, only policy issues. It is my responsibility to respect the Prime Minister and raise funds for Telangana."

On the rejection of Gautam Adani's Rs 100 crore donation to the Skills University, the Chief Minister said that the Congress party did not raise any objection, but opposition parties BRS and BJP did. As a result, the donation was rejected, he said.

The chief minister also said that a representation was submitted to Union Sports Minister Mansukh Mandaviya to host the 2036 Olympics in Hyderabad, citing better infrastructure.

"Hyderabad will host the Miss World pageant in May. When our city can host the Miss World pageant, why not the Olympics?" asked Revanth Reddy.

He accused the Prime Minister of diverting potential investors towards Gujarat. He alleged that investors are being given unfair benefits to invest in GIFT City in Gujarat but this is not being done in Hyderabad. For more details, visit Vaartha's ePaper.