Telangana heading in direction of monetary disaster: Nalgonda MP | Hyderabad Information

Nalgonda MP N Uttam Kumar Reddy addressed a gathering as a part of tenth day of Rythu Rachabanda on Monday.

HYDERABAD: Nalgonda MP N Uttam Kumar Reddy mentioned the TRS authorities is heading in direction of a serious monetary disaster resulting from which it might not have the ability to pay even salaries and pensions of its workers and people retired.
The state authorities might discover it troublesome to mop up funds for fee of Rythu Bandhu sop within the subsequent crop season resulting from mishandling of the state funds, he alleged.
Stating that the TRS authorities didn’t undertake a sensible strategy in sustaining a steadiness between the precise income and expenditure , Uttam mentioned the state authorities went to the extent of inflating the expansion figures and confirmed even loans as revenue, a reality which was identified by the Comptroller and Auditor Basic of India (CAG) and likewise by the fifteenth Finance Fee.
“As a substitute of taking corrective measures, the TRS authorities saved on projecting inflated progress figures. Consequently, the Reserve Financial institution of India has imposed a ban on Telangana from taking contemporary loans within the present monetary 12 months,” he mentioned.
The RBI’s ban has positioned Telangana in a piquant scenario. It wants cash to finance its welfare schemes and run the federal government. If the RBI stops Telangana from borrowing extra loans, then the state authorities won’t have any cash to spend on schemes like Rythu Bandhu and different welfare schemes.
Uttam demanded that the chief minister convene a gathering with monetary specialists to seek out a right away answer. The monetary disaster is prone to impression all sectors, particularly agriculture. The Central authorities will intervene to avoid wasting Telangana from going through a money crunch, mentioned Uttam.