Fund-crunch govt hunts for possible avenues

Hyderabad: The State Government is exploring all possible avenues to meet the financial requirements for the last quarter of the current financial year. The government feels that it was a crucial period for the new government as it had promised to implement the six guarantees in 100 days of coming to power.

Though there is a possibility of raising Rs 13,000 crore as institutional loans provided the Centre relaxes the FRBM norms, it is still not clear whether it would happen or not. Hence it feels that the options before it were to lease out the government lands for commercial purposes, minimize the capital expenditure, increase tax collections from the commercial establishments and promote the realty sector to get more revenues through the Stamps and Registration wings. Before the beginning of the new financial year 2024-2025, the government requires at least Rs 10,000 crore additional funds to implement the new schemes.

TSRTC has already been asked to identify the costly lands and call applications for commercial use on lease. The Road Transportation Corporation issued notification to lease the vacant land in Hyderabad. The revenue generated from the land lease would be utilised to overcome the financial burden incurred by the Corporation after the launch of free bus travel for women.

This will help the corporation in getting revenue and the RTC will not have to depend on the government for financial assistance for some period.

The Commercial Taxes wing already cracked the whip on the tax evaders mainly the big traders and is collecting the long pending dues. The Commercial Taxes wing was conducting regular checks on business centres insisting the traders to clear the dues.

It is learnt that over Rs 200 crore was collected in just two weeks’ time with the intensified drive.

The capital-intensive departments like Irrigation, Roads and Buildings and Municipal Administration and Urban Development wings have been asked to go slow in the current financial year in taking up new works in view of financial challenges. The release of pending bills is put on hold.

The new government was taking all kinds of measures to keep the realty sector on a surge so that more revenue could be generated from property registrations.

Meetings with the representatives of the realty sector in Hyderabad and the districts are being organised to resolve the problems and challenges faced by them in giving a boost to the demand in the state.