The distribution of the crop loan waiver scheme (Runa Maafi Pathakam) for farmers has become a challenge for the current Congress government since it came into power.
However, Chief Minister Revanth Reddy said that by cutting down unnecessary expenses, the government can manage the distribution of loans by taking debt.
Revanth emphasized that by reducing unnecessary costs, the government could have more savings. He assured that the Congress government would avoid unnecessary expenditures, unlike the previous BRS government.
He asserted that the government would revise its priorities to prevent corruption. “We won’t overestimate the project at 10,000 crores when its true cost is only 1000 crores, and loot the remaining 9000 crores,” he added.
Revanth highlighted that the previous government took lakhs of debt with a high interest of around 9-12%. He also stated that his government held discussions with the central government to address the state’s challenges.
He pointed out that various international banks offer loans at significantly lower interest rates, ranging from 2-4%.
Revanth is planning to restructure existing loans by securing debt at lower rates. He said that by following this process, there would be an annual increase in the state government’s revenue by 10-12% and would also ease the implementation of the loan waiver scheme.
