Won't burden people by borrowing loans at high interest: Telangana CM Revanth Reddy

HYDERABAD: In a veiled attack on the previous BRS regime, chief minister A Revanth Reddy on Thursday said his government would not make the mistake of borrowing loans at higher interest rates and impose a heavy burden on people.

In his Independence Day address after hoisting the national flag at the Golconda Fort, the CM said despite facing a severe financial crisis, the govt would make efforts to fulfil the promise of Abhaya Hastham to bring happiness in every family. The CM charged the previous BRS govt with ruining the state's economy during its 10-year rule with the debt rising to Rs 7 lakh crore from Rs 75,577 crore when Telangana was carved out as a new state in 2014.

"The govt is making efforts to restructure the state debt. We met the World Bank president during our recent visit to the US. Talks with the World Bank representatives were held on extending financial assistance with low interest rates for state's development," Revanth said.

"The govt is ready to rectify mistakes, if any. We have been maintaining restraint though some forces made false allegations against the govt, and it has been functioning with utmost conscience and inspiration and in the interest of the people," Revanth said.

The CM explained how the state govt was fulfilling its promises made to the people during the last assembly elections and listed out the schemes such as loan waiver and, Rythu Bharosa.


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