Raise States’ Share in Central Funds, CM Revanth at 16th Finance Commission Meet
He stressed that Telangana was an economically growing, rapidly transforming State, which contributed a lot to the nation
Telangana Chief Minister Revanth Reddy addressing the 16th Finance Commision meeting in Hyderabad on Tuesday
Hyderabad: Chief Minister Revanth Reddy urged the Centre to give States options to either restructure debt or offer additional assistance, while demanding that the allocation of central funds to States from 41 per cent to 50 per cent. He was addressing the 16th Finance Commission meeting of Telangana in city on Tuesday.
Welcoming the Commission members, the Chief Minister said Telangana was the youngest State of India. “We now call – The Future State,” he said.
“We are happy that Telangana is an economically growing, rapidly transforming State, which contributed a lot to the nation. Despite strong advantages, and a good economy, we are facing huge challenges. We have a heavy burden of debt, which now stands at over Rs 6.85 lakh crore, as of end of last financial year. This includes both budgeted and off-budget borrowings,” Revanth Reddy said.
“As a result of the large loans borrowed in the last 10 years, a situation has arisen where a significant part of our revenues is used just to repay debt. If we don’t manage our loans and interest payment it will slow down our progress. We seek Centre’s support in helping us address this problem,” the Chief Minister said.
“I promise you, if you can do this, I will take a huge responsibility of Prime Minister Narendra Modi’s vision to make India a 5 trillion dollar economy. I will make Telangana 1 trillion economy. So kindly help Telangana so we can in turn help India become third largest economy of the world,” Revanth Reddy suggested.
“We look forward to your support in strengthening fiscal federalism. I am confident your recommendations will help Telangana overcome its current challenges. And continue on the path of growth,” the Chief Minister added.
