Chief Minister Revanth Reddy today urged Prime Minister Narendra Modi to restructure loans worth Rs 2 lakh crore that were taken at "high" interest rates by the previous BRS government.
Speaking at the inauguration of the CREDAI Property Show in Hyderabad, the Chief Minister said that the government was facing a severe economic crisis due to mounting debt and interest burdens. To address this, he said that his administration had negotiated with financial institutions from which the State had borrowed and successfully restructured Rs 26,000 crore in loans at a 7.5% interest rate for a tenure of 35 years.
Reddy also said that the Union government should step in to support Telangana in this time of crisis, and reiterated his appeal to the Prime Minister to restructure Rs 2 lakh crore of the State's debt.
Also announcing his vision to transform Hyderabad into a great city with his distinct stamp, the CM said, "I will develop the city in such a way that people will remember it for 100 or even 1,000 years. Quli Qutb Shah laid a strong foundation by constructing the Charminar, and former CM Chandrababu Naidu developed Hi-Tech City and Y S Rajasekhara Reddy built the Outer Ring Road. Likewise, my name will also be etched in history forever. I am young, energetic, and committed to Telangana's development."