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Telangana CM Revanth Reddy Appeals for Support from 16th Finance Commission
Telangana Chief Minister K. Revanth Reddy has urged the 16th Finance Commission to provide adequate support to further the state's development
Telangana Chief Minister K. Revanth Reddy has urged the 16th Finance Commission to provide adequate support to further the state's development. During a meeting chaired by Dr. Arvind Panagariya, the Commission's Chairman, and attended by members Ajay Narayan Jha, Anu Mathur, Dr. Manoj Panda, and Dr. Soumya Kanti Ghosh at the Jyothiba Phule Prajabhavan, the CM presented Telangana's current financial challenges and outlined the state's requests.
The Chief Minister specifically appealed for assistance in restructuring the state's growing debt burden, or alternatively, providing additional financial aid to reduce this load. He pointed out that Telangana is facing significant challenges due to its rising debt, which reached ₹6.85 lakh crore by the end of the last financial year. This includes both budgeted and off-budget loans, mostly taken to fund infrastructure projects.
Key points raised by the Chief Minister during the meeting include:
- Increase Telangana's share in central taxes: The CM requested the Finance Commission to raise the states' share in central taxes from 41% to 50%, echoing demands from other states as well.
- Telangana as a "Future State": Despite being the youngest state in India, Telangana has emerged as one of the fastest-growing economies. The CM underscored Telangana’s crucial role in India's overall development.
- Debt challenges: He noted that a large portion of the state's revenue is being used to repay loans, which could hamper Telangana’s progress if not addressed.
- Support for India’s $5 trillion economy goal: The CM expressed full support for Prime Minister Narendra Modi's vision of transforming India into a $5 trillion economy, stating Telangana’s goal of becoming a $1 trillion economy in itself.
- Strengthening fiscal federalism: Reddy called for the Finance Commission’s backing in overcoming Telangana’s financial challenges and strengthening fiscal federalism.
The CM expressed confidence that the recommendations of the 16th Finance Commission would help Telangana tackle these challenges and continue its path of rapid growth.
