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State to borrow ₹ 57,000 crore to repay existing loans
It seems the Telangana State would continue facing the mounting debt burden
Hyderabad : It seems the Telangana State would continue facing the mounting debt burden. The government would seek more borrowings like the previous BRS government. The government would borrow Rs 57,000 crore open market loans to meet the financial needs. However, most of the borrowings would be utilised to clear the monthly interest and outstanding loan amount taken by the last government.
The government projected Rs 21,600 crore as loans from the central government, Rs 11,000 crore from autonomous bodies and Rs 20,000 crore by special securities. State Finance Minister Mallu Bhatti Vikramarka said that the government was borrowing funds only to repay the debt burden forwarded by the last government. It required at least Rs 4,500 crore to pay interests and outstanding installments every month to the financial agencies.
The Minister said, “The debts which were at Rs 75,577 crore at the time of state formation grew by leaps and bounds in 10 years and reached a humungous figure of Rs 6,71,751 crore. We have inherited a legacy of a badly run and maintained state economy.
The State was administered like an estate of a private landlord. A bountiful State at the time of bifurcation was reduced to a pathetic one on account of the huge loan burden. On one hand, debts have ballooned and on the other hand bills to be paid kept on piling, pushing the state’s economy into a precarious situation,” Bhatti said.
