Telangana Pradesh Congress Committee (TPCC) treasurer Gudur Narayan Reddy has alleged that the gap between the actual revenues and estimated expenditure from the financial year 2019-20 is expected to be around ₹ 1 lakh crore per annum and Telangana needs financial assistance of at least ₹ 5 lakh crore from the Centre.
However, Chief Minister K. Chandrashekar Rao has asked the Finance Commission a mere ₹ 50,000 crore which is not going to help the State in a longer run, he said in a statement here. “The Chief Minister did not represent properly the financial needs of Telangana State before the Finance Commission.”
Mr. Reddy alleged that Telangana is already in debt of over ₹ 2.50 lakh crore which is almost 150% more than the actual revenues for one full year but the Chief Minister sought raise in additional borrowing facility. If it continues Telangana State will end up with huge debts of over ₹ 7 lakh crore in the next five years. He ridiculed CM’s demand for suitable compensation for GST implementation. of Goods and Services Tax (GST) reminding that he was the first Chief Minister who supported Prime Minister Narender Modi on GST. “The GST Bill was given a nod in the Telangana Legislature without having a proper discussion.”
