CM Revanth Calls KTR, KCR as Financial Terrorists
The Chief Minister said the Congress government was struggling repay the debts as the previous BRS government had borrowed at a higher interest rate of 11.5 per cent.
Hyderabad: Chief Minister A Revanth Reddy on Sunday called former chief minister K. Chandrashekar Rao and his son K.T. Rama Rao “financial terrorists” who, he said, “raped the Telangana economy.”
Expressing deep anguish over the state plunging into a severe debt trap, the Chief Minister reiterated his allegation that the Chandrashekar Rao government had raised Rs.8 lakh crore loans through both budgetary and off-budget borrowings to overcome the restrictions placed by the Fiscal Responsibility and Budget Management (FRBM) Act. “They looted the state exchequer to satiate their greed,” he added.
The Chief Minister said the Congress government was struggling repay the debts as the previous BRS government had borrowed at a higher interest rate of 11.5 per cent. “Our constant efforts at debt-swapping with interest as low as six per cent is yielding some results and helping state to save at least Rs.4,000 crore a year,” he said.
Despite financial impediments, the government had been allocating funds to complete pending irrigation projects, Revanth Reddy added.
