Fund-starved Telangana State to raise Rs 20K cr

Hyderabad: Faced with a major challenge of mobilising Rs 20,000 crore in next four months to implement schemes like Rytu Bandhu, Dalit Bandhu and other welfare schemes, the State Government has asked the officials to ensure that revenue collection targets were achieved besides selling pricy government lands.

According to officials, this has become necessary as the Centre had imposed several restrictions on borrowings. In addition to implementing the welfare schemes announced by Chief Minister K Chandrashekar Rao, funds are also required for infrastructure development before the end of the current financial year.

Top sources said that the Chief Minister reviewed the state financial position amid sanctions imposed by the Centre on borrowings from financial institutions and reducing the FRMB limit.

Though the sale of identified pricy government lands gave a temporary relief in the second and third quarter of the financial year, fourth quarter is considered most crucial as the next budget may be vote-on- account budget.

Sources said the government requires Rs 7,500 crore for Rythu Bandhu as it has to deposit money in farmers' accounts from December first week. It requires Rs 7,000 crore for Dalit Bandhu and Rs 6,000 crore to complete other pending development works.

KCR is said to have asked the finance wing to achieve a 100 per cent revenue target from State-owned tax revenue (liquor sale, VAT on fuels, property registrations and transport) this year. So far, the revenue generating departments had achieved 80 per cent of the target during the three quarters. If the state achieves a 100 per cent target, the government will get Rs 15,000 crore funds directly from SOTR. It expects to mop up the balance from sand and mining.

Sources said that Chief Secretary Somesh Kumar has called upon all the top officials to plug all leakages and ensure revenue generation at optimum level in the next four months.