Chief Minister Revanth Reddy today said that his government was making efforts to restructure the State's debts.
Addressing the program after hoisting the national flag at the Golconda fort on the occasion of the 78th Independence Day celebrations, the Chief Minister said that he had met the World Bank President during his recent visit to the US, and held talks for financial assistance with low interests rate for Telangana's development.
"My government will not commit the mistakes of borrowing funds with high interest rates and putting a heavy burden on the people," Reddy said. "The State's economy was completely ruined at the time that the Congress assumed power in Telangana last December, and the debt burden had mounted by 10 times since statehood. The State's total debt at the time of its formation was Rs 75,577 crore, and it increased to Rs 7 lakh crore by December last year. My government then committed itself to revitalising the State's economy."
He added that his government was rectifying all the mistakes of the past 10 years, and had been maintaining restraint though some forces were making false allegations against it.
Speaking about the waiver of crop loans of upto Rs 2 lakh, the Chief Minister said that the State government had spent Rs 31,000 crore on it, and had freed farmers from debts on the same day as Independence Day.
He also announced that the State government had decided to constitute a "Vidya Commission" soon, that Anganwadi centres would be upgraded to pre-primary schools, and that the "Abhayahastham" promises to bring happiness in every family would all be fulfilled.
"The task of providing quality education, skill development and job creation will be taken up on a mission mode," he vowed.
filed in:Telangana, Revanth Reddy, Debts, Independence Day