He also said the purpose of his life was fulfilled after the crop loans of farmers' up to ₹2 lakh were waived.
Published Aug 15, 2024 | 12:53 PM ⚊ Updated Aug 15, 2024 | 12:53 PM
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Telangana Chief Minister A Revanth Reddy on Thursday, 15 August, said that the World Bank had shown interest in restructuring the state government’s high-cost loans, during his recent tour of the United States.
Delivering his Independence Day address at Golconda Fort in Hyderabad after unfurling the national flag, the chief minister said that he intended to lessen the burden of loans on the state government.
He recalled how the Congress had inherited a huge pile of debts of ₹7 lakh crore and how he wanted to reduce the burden on the state.
The chief minister said that when he visited the US, he held talks with World Bank officials which held out hope of lessening the burden imposed on the government by indiscriminate borrowing by the previous government.
“The state’s debt burden has gone up by 10 times since its creation in 2014. The total state debt at the time of the formation of Telangana was ₹75,577 crore and increased to ₹7 lakh crore in December last year. The government released a white paper on state finances and also committed to revitalising the state’s economy.”
The chief minister said it was heartening that the talks with the World Bank representatives were held cordially to help the state retire high-cost loans and convert them into low-cost ones.
“We met with the World Bank President during our recent visit to America. I am delighted to announce that talks with the World Bank representatives were held in a cordial manner in extending financial assistance with low interest rates for the state’s development. My government will not commit the mistakes of borrowing funds with higher interest rates and putting a heavy burden on people. Despite facing financial hurdles, the government is making all-out efforts to fulfil the promises of Abhaya Hastham with a commitment to bringing happiness in every family,” the chief minister said.
Narrating how his government had been making sincere efforts to implement all the promises made to the people ahead of the Assembly elections in November, the chief minister said that topping all of them was the success in implementing the most difficult of all the promises — waiving farmers’ crop loans up to ₹2 lakh.
“Farmers are celebrating a big festival in the state. The distressed farmers are freed from the mounting debt burden. As per the Warangal Declaration announced during the election period, the government is successfully implementing farm loans of up to ₹2 lakhs in a single go. Some political forces said the farm loan waiver is impossible,” he said.
“The government made it possible and proved to be farmer-friendly. Opposition parties are trying to find fault in the implementation of the farm loan waiver scheme. Every deserving farmer will benefit from the scheme. The state agriculture department took the responsibility of addressing the grievances that arose due to technical problems,” he added.
The chief minister further said the government deposited ₹6,098 crore directly to the farmers’ bank accounts on 18 July and relieved them from a debt burden of up to ₹1 lakh.
“11.50 lakh farmers got a big relief. In the second phase, 6.40 lakh farmers availed benefit of the farm loan waiver scheme. Today, we are witnessing a wonderful occasion of the waiver of farm loans up to ₹2 lakhs in a single go. It is a proud moment that farmers got a big relief from debts on Independence Day. The purpose of my life is fulfilled. I strongly believe that the country will flourish when the farmers prosper. The government spent ₹31,000 crore on farm loan waiver,” Revanth Reddy said.
He said that the state government demonstrated its commitment to agriculture by allocating ₹72,659 crore for agriculture and allied sectors in the budget.
“Efforts are also being made to enhance the farmers’ incomes and farm output. Seeds and fertilisers are supplied to the farmers through Primary Agricultural Cooperative societies. The government supplied 11.85 lakh metric tonnes of fertilisers to farmers till 24 July in Vana Kalam (rainy season) this year.” the chief minister said.
Referring to Congress’ ascension to power in the state, the chief minister said that Telangana was actually liberated on 3 December, 2023.
“It was the day when the government was elected by the people and for the people. For the first time, the state is witnessing a democratic government, he said.
He said his government’s priority was to revive the freedom that Telangana was deprived of for the last 10 years.
“We broke the shackles of physical and psychological slavery. Today, people have the freedom to question the government. A facility was also created to seek suggestions from people to run a people-friendly government. The state government is functioning in the interests of the majority of people. The government is ready to rectify mistakes, if any. We have been maintaining restraint though some forces made false allegations against the government,” he said.
Referring to his recent visits to the US and South Korea, the chief minister said it yielded fruitful results.
“We held talks with the 10 most popular global companies. The government signed agreements for ₹31,532 crore investments in Telangana. The MoUs (Memorandum of Understanding) with global companies will create 30,000 job opportunities. The government introduced Telangana as a ‘Future City’ before the world during the US visit. It is a big milestone,” he said.
(Edited by Muhammed Fazil)
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