Telangana Congress Demands White Paper on financial status

Vastavam web: Stating that a major financial crisis was all set to hit the State, Telangana Pradesh Congress Committee (TPCC) Spokesperson Syed Nizamuddin demanded that the TRS Government release a White Paper on the State’s financial status. Nizamuddin said that the finances of Telangana were in extremely bad shape with State Government having no clarity on how to handle the future requirement and bridge the huge gap between revenues and expenditure. However, the present revenues from all sources were less than Rs. 1.5 lakh per annum. Therefore, there needs to be clarity on how this huge deficit of over Rs. 1 lakh crore would be covered, he said.

However, Nizamuddin pointed out the Telangana’s overall revenues were far behind the estimated expenditure. As against the target of Rs. 167,859 Crore in 2018-19, the total revenue receipts, as on November 2018, were just Rs. 80,834 Crore which is just 48.16%. He said even if the revenues increase by 30% till the end of financial year, then they won’t cross the Rs. 1.5 lakh crore mark. Therefore, there will be a huge gap of nearly Rs. 1 lakh crore between the expected revenues and projected expenditure. “State Government should give clarity on how it proposes to bridge this gap?” he asked.

The Congress leader said that Telangana was already in huge debts of over Rs. 2.5 lakh crore and nearly Rs. 15,000 crore were being paid as interest towards those loans. “Will the TRS Government borrow more funds to run the State? Will it increase taxes, sell off government assets or hike tariffs?” he asked.