New Delhi: Chief Minister A Revanth Reddy on Tuesday appealed to Union Finance Minister Nirmala Sitharaman to exempt borrowings raised through the SPV (Special Purpose Vehicle), which is being established to construct over 100 Young India Integrated Residential Schools (YIIRS), from the FRBM (Fiscal Responsibility and Budget Management) limit.

The Chief Minister urged the Union Minister to consider the expenditure incurred on development of the education sector as an investment in human resource development. During a meeting with her in New Delhi, Revanth Reddy said that each integrated school will admit 2,560 students from class 5 to 12th.

Approximately 2.70 lakh students will directly get admission and avail quality education through these 105 schools. Each such school will serve as educational hubs for the nearby government schools, indirectly benefiting lakhs of students.

The Chief Minister briefed the Union Minister that construction of 105 such schools, equipped with state-of-the-art facilities, labs, and stadiums, would require Rs 21,000 crore. Another Rs 9,000 crore would be spent on providing modern labs and other infrastructure in junior, degree and technical colleges, apart from other higher education institutions in the state. Around Rs 30,000 crore are required for a comprehensive development of the education sector, he explained. In view of the huge requirement of funds, Revanth Reddy said that Centre's support was the need of the hour as it would help strengthen the state’s education sector.

Later, Nirmala Sitharaman praised the initiatives being undertaken by the Telangana government in developing the education sector, particularly the establishment of YIIRS.

The Union Minister urged the Chief Minister to provide SPV details to her.