Revanth Seeks Loan Limit Waiver To Fund Young India Schools
Revanth Reddy told the union minister that the construction of the 105 YIIRS schools, equipped with state-of-the-art facilities, laboratories, and stadiums, would require ₹21,000 crore: Reports
HYDERABAD: Chief Minister A. Revanth Reddy on Tuesday appealed to Union finance minister Nirmala Sitharaman to permit the state government to borrow ₹30,000 crore beyond the limits imposed by the Fiscal Responsibility and Budget Management Act, for the construction of 105 Young India Integrated Residential Schools (YIIRS) for 2.7 lakh students and for improving infrastructure facilities in existing government educational institutions.
Revanth Reddy during his meeting at her officer in Parliament briefed Sitharamam on the government’s measures to strengthen the education sector, provide quality education to the students of the BC, SC, ST and minority communities, who constituted majority population in the state.
Revanth Reddy told the union minister that the construction of the 105 YIIRS schools, equipped with state-of-the-art facilities, laboratories, and stadiums, would require ₹21,000 crore. Another ₹9,000 crore would be spent on providing modern labs and other infrastructure in junior, degree, technical colleges, and other higher education institutions in the state.
The YIIRS are being constructed in 105 Assembly constituencies, with of 2,560 students from Classes 5 to 12 in each school. The YIIRS would serve as educational hubs for nearby government schools, indirectly benefiting lakhs of students, the Chief Minister said.
In view of the huge requirement of funds, the Chief Minister requested the union minister to exempt the loans raised through the SPC (Special Purpose Corporation), which is being established for the YIIRS, from the FRBM limits. He urged Sitharaman to consider the expenditure incurred on the development of the education sector as an investment in human resource development.
Sitharaman praised the initiative and suggested that the Chief Minister provide the details of the SPC.
