KCR led Telangana to severe debts in one year!

Telangana State is just more than one year old but this 15 months or so period is eventful to the state in many ways. However this period only further depleted the financial position of the state. An RTI query filed on the financial position of the state revealed shocking facts. The government itself admitted that they have more than 51000 Crore from various funding agencies in this 15 months time.

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The government has already submitted proposal to the World Bank for another 10000 Crore loan. Telangana will inherit around 70000 Crore from the debts of the United State which will make the debts gigantic (till date 1.21 Lakh Crore). Telangana government so far, obtained Rs 23,000 crore from sale of bonds at 9% interest, got a loan of Rs 24,000 crore from the Rural Electrification Corporation at 11% interest, and Rs 4000 crore from the Power Finance Corporation.

However the Telangana Chief Minister continues to claim the state to be revenue surplus hiding the actual financial position. The Chief Minister is also writing several letters to the center to relax the FRBM rules for the state which will enable them to take more loans.

Source: Times Of India