Deputy Chief Minister said - Telangana does not have money even for daily expenses, the burden of repaying loans has also increased
Telangana: The burden of repaying the loan of funds borrowed under the budget and outside the budget has increased a lot. 34 per cent of the total revenue receipts of the government is being spent on this. At the same time, 35 per cent is being spent on salaries and pensions of employees. According to the budget estimates for the current financial year, the loan under FRBM is estimated to increase to Rs 389673 crore.
The new Congress government in Telangana on Wednesday presented a white paper on the financial situation in the state assembly. During that time, the Chief Minister of the state and Government Finance Minister Mallu Bhatti Vikramarka said that the state did not even have money to meet the daily expenses.
Telangana will have an outstanding debt of Rs 6.71 lakh crore by the end of the current financial year (2023-24). He said that 10 years ago the state had a total debt of Rs 72,658 crore. The rising debt was attributed to the fiscal indiscipline of the previous BRS government during the last 10 years. Vikramarka presented a 42-page white paper to initiate a brief discussion on Telangana's finances. He said that the purpose of the white paper is to put before the people the facts related to the financial condition of the state, which has been inherited by the present government.
According to the White Paper, the burden of repaying the loan of funds borrowed within the budget and outside the budget has increased significantly. 34 per cent of the total revenue receipts of the government are being spent on this. At the same time, 35 per cent is being spent on salaries and pensions of employees.
As per the budget estimates for the current financial year, the debt under FRBM (Fiscal Responsibility and Budget Management Act, 2003) is estimated to increase to Rs 3,89,673 crore. There is a gap of about 20 per cent between the budgeted and actual expenditure in Telangana. This figure is not only higher than that of other states but also higher than the expenditure of Andhra Pradesh combined. It said that the new government is committed to implementing all the six guarantees given by the party. It was on these guarantees that the people of the state voted for change.
