Telangana’s outstanding debt rose from ₹90,161 crore to ₹8.21 lakh crore in BRS’s 10-year tenure: Bhatti Vikramarka

Raising strong objections to Bharat Rashtra Samithi’s (BRS) criticism of Telangana’s financial situation, Deputy Chief Minister Mallu Bhatti Vikramarka alleged that BRS’s almost 10-year rule has pushed the State into a debt trap.

He said it was surprising that while the government had initiated measures to rectify the situation and get the economy back on track, BRS working president KT Rama Rao and floor vice president T. Harish Rao were spreading lies against the government. Mr. Bhatti Vikramarka revealed the amount of ‘random’ debts the BRS government had collected since taking over in June 2014 and said the previous government had destroyed the Telangana economy, which was shaped as a revenue surplus State.

The magnitude of the debt burden was visible from the fact that the Congress had borrowed ₹ 1.78 lakh crore since forming the government and spent another ₹ 30,000 crore from revenue receipts to repay interest and principal on loans since coming to power. “We have to borrow money to repay the debts. Had this burden not existed, the State could have achieved significant development,” he said and wondered how BRS leaders were engaging in false propaganda against the government, which was facing difficulties due to the actions of the past government.

Listing out the debts collected by the BRS government, he said that the previous government increased the outstanding debt of the State from ₹ 90,161 crore to ₹ 8.21 lakh crore in its nearly 10-year tenure. While the outstanding amount in the loans account under FRBM limits and guarantees given by the government stood at ₹ 5.16 lakh crore, government guarantees, pending bills related to employees, capital works, schemes, energy dues, dues to Singareni and others amounted to another ₹ 3 lakh crore. “BRS leaders owe an answer to the loans they collected,” he said.

Criticizing the BRS leaders for their attempts to project the State’s fiscal situation as a publicity tool, he said people taught a fitting lesson to the BRS in the previous elections, and they should realize the people’s anger. “Everyone’s reputation is determined by the service he renders in public life. People have already shown them (BRS leaders) their position,” he said.

Alleging that the Opposition was trying to spread false propaganda through social media, he said the Government was focused on welfare and development of the State and observed restraint thus far. “These leaders lack basic understanding, as can be seen from their claims,” ​​he said, adding that the BRS government’s financial management based on deceiving the public cannot last long. He ridiculed Mr. Harish Rao’s claims that the BRS government had amassed debts of around ₹3 lakh crore and wanted to know why the government had to repay huge amounts to institutions like the RBI.

“The BRS government has increased borrowings with high interest rates of 10% to 10.5%, which will be a burden on the finances,” he said. The Congress government restructured the debts and reduced the interest repayment amount up to 2031-32 from ₹34,058 crore to ₹11,915 crore.