Revanth Promises Fiscal Policy by March 31
Revanth Reddy said efforts were on to arrange a loan for the Metro Rail network expansion at a low interest rate for a longer period.
Hyderabad: Chief Minister A. Revanth Reddy on Sunday said that the state government would announce a revolutionary fiscal policy by March 31 next that would focus on revenue generation to ensure seamless implementation of welfare and development initiatives.
He was responding to a question on the precarious financial position of the state, which had raised doubts over the implementation of flagship initiatives like the Musi rejuvenation project and Future City, at a “Meet The Press” programme organised by the Hyderabad Press Club here.
The Congress government had focused on social issues and resolved long-pending problems like categorisation of the Scheduled Castes community for reservations, and undertaken the caste census. “Now, the focus will be on accelerating economic growth,” he said.
The Chief Minister said the policy would be finalised after a thorough discussion in the Assembly. “We have initiated discussions with consultants and financial experts and the proposed Telangana Rising 2047 vision document would provide a broader policy perspective,” he said.
The multi-pronged strategy would include tapping sovereign state funds of foreign countries which are available at a very low interest rate, debt restructuring by extending the repayment schedules to more than 30 years and public-private partnership (PPP) initiatives besides creating a second cycle of revenue generation by encouraging the night economy.
Revanth Reddy said efforts were on to arrange a loan for the Metro Rail network expansion at a low interest rate for a longer period. “New areas would develop and generate economic activity when the Metro Rail network is expanded,” he said. “We can collect impact fee and use it for infrastructure development. Development of new areas can also be taken up under the PPP mode.”
The Chief Minister hinted at finding a solution to the long-pending Emaar Boulder Hills project which ran into controversy following the arrest of YSR Congress president and former AP chief minister Y. .S Jagan Mohan Reddy. The original promoter, the Dubai-based Emaar Properties, suffered due to its Indian partners collecting huge amounts in cash for the plots in the golf course without the former’s knowledge. “We will get funds if we could solve long-pending problems,” Revanth Reddy pointed out.