Economic crisis in Telangana worsens, wages likely not on time: Uttam
Hyderabad: Congressman N Uttam Kumar Reddy said on Monday that the TRS government was on the brink of a major financial crisis due to which it might not be able to pay even the salaries and pensions of government employees.
Addressing farmers at an event in Huzurabad Assembly Constituency, Reddy said the state government may find it difficult to secure funds for the payment of Rythu Bandhu beneficiaries in the next agricultural campaign due to poor management of state finances.
He further said that the TRS government had not followed a realistic approach to maintain a balance between revenue and actual expenditure.
Reddy alleged that the state government had gone so far as to increase growth figures and mentioned loans as income, which was pointed out by the Comptroller and Auditor General of India as well as the 15th Commission of finance.
Reddy also alleged that instead of taking corrective action, the TRS government continued to project false growth figures due to which the Reserve Bank of India banned Telangana from taking out new loans during the fiscal year in Classes.
The RBI ban has put Telangana in dire straits. It needs money to fund its welfare plans and to run the government. If the RBI stops Telangana from borrowing more loans, the state government might not have the money to spend on programs like Rythu Bandhu and other social welfare schemes.
“The Chief Minister must hold a meeting with financial experts to find an immediate solution. The financial crisis is likely to impact all sectors, especially agriculture, Reddy said.