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Revanth govt adopts fiscal discipline to overcome mounting debt burden
While the govt borrows `52,118 crore in 1 year, it repays `64,516 crore in the same period
Hyderabad: Chief Minister A Revanth Reddy's government adopted fiscal discipline to overcome mounting debt burden and implement the welfare schemes and development programmes with the available financial resources.
During the one-year rule, the state government was moving forward with a development agenda by surpassing the financial hurdles. The Praja Palana started efforts to improve the state's financial situation from the first year. It practiced financial discipline to bring the state, which was burdened with debts, back on track. According to a senior official, in the ten years from 2014 to 2023, the then BRS government got loans of about Rs 7 lakh crore. The interest and installments to be paid on them became obstacles to new development works and welfare schemes. The Praja Palana took special initiative to overcome them and implement the guarantees given to the people.
Immediately after Revanth Reddy took charge as the Chief Minister, he released a white paper in the Assembly on the financial situation during the ten years of BRS rule. It maintained control rather than going into debt arbitrarily, as the previous government had done. From the situation where government employees did not know when their salaries would be paid in a month, the system of paying salaries on the first date was restored. The previous government followed a system of paying the bills of nearly Rs 1 lakh crore in a systematic manner.
The official said that giving priority to paying off the loans incurred by the previous government, the Congress government reduced the debt burden imposed on the people of Telangana by making repayments of more than the amount borrowed. From December 2023 to the end of November 2024, the state government borrowed Rs 52,118 crore. It is noteworthy that during the same period, Rs 64,516 crore was made in repayments (including principal and interest installments). In addition to these, Rs. 61,194 crore was spent on ambitious schemes implemented as promised by the public government. While paying off debts, the government has given priority to the implementation of guarantees.
The Finance department played a key role in mobilising the funds required for the Rs 2 lakh loan waiver scheme for farmers. It set a record by waived off Rs 20,617 crore loans to farmers in a single period. It made 25.36 lakh farmer families in the state debt-free. In a single year, the government spent nearly Rs 57,000 crore on the welfare and development of farmers, unlike anywhere else in the country. Along with loan waiver, huge funds were spent on farmer assurance, crop insurance, farmer insurance, crop loss compensation, free electricity for agriculture, purchase of crop products, and small paddy bonus.
