Hyderabad: The Telangana state government led by the Congress has its task cut out when it comes to repairing and strengthening “the derailed financial situation,” and the “greatest challenge” before it is to “improve financial situation on a war footing.”
Declaring that “the entire financial discipline in the state is destroyed,” and that there was “no fiscal discipline or financial prudency,” Governor Dr Tamilisai Soundararajan on Friday said the Congress government was “on the job to identify lacunae in financial management, where wasteful expenditure is indulged in, and where financial irregularities took place.”
In her address to a joint session of the state Legislative Council, and the Assembly, the Governor said, “We will place before the people the financial condition of each and every department by releasing white papers and showing the real facts. We will be releasing the white papers as part of the transparent government that we promised to the people.”
In her speech, the Governor said as a result of “bad governance of the previous government,” power utilities were in a deep financial crisis with a staggering debt of Rs 81,516 crore. “They have incurred losses of Rs 50,275 crore,” she said, adding that the State Civil Supplies Corporation has a debt of Rs 56,000 crore along with Rs 11,000 crore in losses.
She said a similar situation in each and every department was a result of “loans raised indiscriminately from every corporation which have pushed the state into a financial mess and crisis.”
Declaring that the new government has no intention of placing any financial burden on the people, she said instead, it will bring in financial prudence and offer governance and welfare to the people.
