Demonetisation: Financial crunch hits Telangana Secretariat building plan
Hyderabad: Stumped by the demonetisation of high-value currency notes, Chief Minister K. Chandrasekhar Rao may opt for some hard decisions.
He is likely to call on Prime Minister Narendra Modi sometime later in the wake of its ill effects on various projects and seek Central support. “He may call on the PM, but not immediately. A sudden visit could trigger the wrong kind of speculation,” an official said.
When contacted on the possibility of Mr Rao visiting New Delhi, a CMO official said, “No clarity.” Mr Rao has been closeted with senior officials after the Rs 500 and Rs 1,000 notes were demonetised on November 8.
The Chief Minister and government officials are worried over the impact of the measure on ongoing welfare schemes, development plans and the proposed new ones like the Rs 1,000-crore Secretariat building. The government has to get Central support for some projects including the National Investment and Manufacturing Zone and the Information Technology Investment Region.
“Demonetisation has hit the realty sector, business, industry and others. The past few days have been dreadful. Things may settle, but it will not be like before. It will take a long time for the market to settle,” a senior official said.
If a source is to be believed, the CM may ask ministers, legislators, MPs to forgo a month’s salary and reconsider the Secretariat building plan. The government will continue the flagship programmes like Mission Bhagiratha, Mission Kakatiya, irrigation and power projects but prioritise them.
“We have to go as per the availability of funds. Expenditure has to be pruned wherever possible with the least inconvenience to people. It may take a couple of days to study the issue holistically and take action,” a TRS leader said.
