Telangana: Congress demands white paper on state finances
TNN | Updated: Jan 10, 2019, 10:37 IST
(Representative image)HYDERABAD: Telangana Congress spokesperson Syed Nizamuddin on Wednesday demanded the TRS government release a white paper on the financial status of the state.
Addressing a press conference, Nizamuddin said the financial position of Telangana was in bad shape with huge gap between revenue and expenditure. In order to fulfil electoral promises made by K Chandrasekhar Rao, the government needs 2.5 lakh crore per year. However, the present revenues were less than 1.5 lakh per annum.
“In addition to regular expenditure, the spending of the state on several projects and in sectors will double from the 2019-20 fiscal. For example, as against 12,000 crore allocated for Rythu Bandhu scheme in 2018-19, the government will need 15,000 crore next fiscal. Also, 24,000 crore will be needed to waive off crop loans up to 1 lakh. Nearly, 25,000 crore will be needed for social security pensions due to doubling of pension amount for all categories of beneficiaries and also addition of new pensioners aged between 57 and 64 years," he said. “Huge allocations are needed for education, health and family welfare and other sectors. Expenditure on revenue and capital account will also rise to nearly 1.25 lakh crore per year. Therefore, the overall budgetary requirement for Telangana will be nearly 2.5 lakh crore,” he said, adding that Telangana has a debt of over 2.5 lakh crore and nearly 15,000 crore was being paid as interest towards those loans.
"In absence of a finance minister, bureaucrats are preparing budget proposals. The situation does not match the credentials of a democracy," he said.“Since KCR claims that Telangana is revenue surplus, he must go ahead with a regular budget instead of a vote-on-account and without depending on central grants," he said.
Addressing a press conference, Nizamuddin said the financial position of Telangana was in bad shape with huge gap between revenue and expenditure. In order to fulfil electoral promises made by K Chandrasekhar Rao, the government needs 2.5 lakh crore per year. However, the present revenues were less than 1.5 lakh per annum.
“In addition to regular expenditure, the spending of the state on several projects and in sectors will double from the 2019-20 fiscal. For example, as against 12,000 crore allocated for Rythu Bandhu scheme in 2018-19, the government will need 15,000 crore next fiscal. Also, 24,000 crore will be needed to waive off crop loans up to 1 lakh. Nearly, 25,000 crore will be needed for social security pensions due to doubling of pension amount for all categories of beneficiaries and also addition of new pensioners aged between 57 and 64 years," he said. “Huge allocations are needed for education, health and family welfare and other sectors. Expenditure on revenue and capital account will also rise to nearly 1.25 lakh crore per year. Therefore, the overall budgetary requirement for Telangana will be nearly 2.5 lakh crore,” he said, adding that Telangana has a debt of over 2.5 lakh crore and nearly 15,000 crore was being paid as interest towards those loans.
"In absence of a finance minister, bureaucrats are preparing budget proposals. The situation does not match the credentials of a democracy," he said.“Since KCR claims that Telangana is revenue surplus, he must go ahead with a regular budget instead of a vote-on-account and without depending on central grants," he said.
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