Chief Minister K. Chandrasekhar Rao has allayed apprehensions being raised on the borrowings by the State Government claiming that the government was following stringent financial discipline for the effective utilisation of the borrowed funds.
“Debt has become a rhetoric in the past. It should not be considered debt, but as resources in the changed economic dynamics. Even the Reserve Bank of India appreciated the prudent economic policies of the government,” he said. The State was ranked 25th among the 28 States in the country in terms of debt to GSDP ratio and it was repaying the debts without defaulting for even a single day.
He explained that the State’s economy witnessed mercurial growth since its formation and it performed well even during the COVID-19 pandemic. Telangana’s GSDP grew from ₹4.5 lakh crore to over Rs. 11 lakh crore in the seven year period whereas the GDP increased from ₹124 lakh crore to ₹ 236 lakh crore during the same period. “The State’s GSDP could have been much higher had the country’s GDP matched that of Telangana,” he said.
The State’s growth could be seen from the fact that the Reserve Bank of India in its handbook on States Finances appreciated Telangana for becoming the fastest wealth maker in the country in the short span of its creation.
He said the eco system created in the State had helped the growth of Hyderabad as second highest software exporter in the country as also its emergence as a hub of pharmaceutical activities.
Referring to the other issues, he said steps had been taken to cover over two lakh beneficiaries under Dalit Bandhu, the ambitious scheme for promoting entrepreneurship among dalits with a grant of ₹10 lakh each, during the next financial year. The government was committed to reach out the scheme to over 40,000 families before the end of this fiscal taking the total coverage to 2.4 lakh by the end of next year.
“This is the biggest cash transfer scheme without any bank linkages or pre-conditions. Dalits should take advantage of the scheme for their financial empowerment,” he said. Money under the scheme would be released through green channel and the government was promoting Dalit Protection Fund simultaneously to meet the requirements of the families in the event of death of beneficiaries.
