India News | High Interest Loans Obtained by Previous BRS Govt Impeding Telangana's Progress: Revanth Reddy

Hyderabad, Jul 12 (PTI) Telangana Chief Minister A Revanth Reddy on Saturday expressed serious concern over the heavy burden on state finances due to the loans borrowed at a high interest rate by the previous BRS government.

In a meeting with S Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, he said the high-interest loans are impeding the state's development.

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"The CM brought to the notice of the Advisory Council Chairman that all the income generated by the state is being spent only on the payment of loans," an official release said.

During the meeting, the chief minister emphasised that having mutual respect between the Centre and state governments is important in the federal system.

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"The country will not move forward without the development of states," the CM said, while also briefing Dev about the Telangana government's initiatives for the state's rapid progress in various sectors.

The CM also explained the initiatives taken by the state government to develop good infrastructure in all urban areas and also Hyderabad, it added.

Reddy had earlier alleged that the state's debt burden mounted to Rs seven lakh crore because of the loans borrowed by the BRS regime.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)