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Telangana Chief Minister K Chandrashekar Rao (File photo)
Telangana Chief Minister K Chandrashekar Rao (File photo)

Telangana CM holds review meeting on state's economic situation

ANI | Updated: May 28, 2020 02:39 IST


Hyderabad (Telangana) [India], May 28 (ANI): Telangana Chief Minister K Chandrashekar Rao on Wednesday held a review meeting at Pragathi Bhavan here on the state's economic situation.
He discussed the strategy to be planned due to the steep decrease in the state's income.
According to the Chief Minister's Office (CMO), Rao said that Telangana should get Rs 12,000 crore income every month, which fell flat due to the lockdown.
"In May, the state received Rs 3,100 crore, which includes the state's share in the central taxes that is Rs 982 crore. Though the state government has given some relaxations to the lockdown guidelines, the income did not increase substantially. Income from transport, registration and other departments was also not much," the Chief Minister said.
"We have to cater to all our needs with this meagre income. The state government has to pay debt installments to the tune of Rs 37,400 crore per year. These installments are to be paid every month without fail. The state has requested the Centre to re-schedule the loans," he added.
But the Centre did not take any action in this regard and the state has no option but to pay the instalments, Rao further said.
"Though there was an increase in the FRBM limits by the Centre, but the conditions imposed by the central government additional loans could not be raised. If the salaries of the employees and pensions were paid, the expenditure would be more than Rs 3,000 crore. The entire treasury will be empty. Henceforth, no payment can be made nor any work can be undertaken. We have to adopt a proper strategy," he said.
Chief Secretary to the government, Somesh Kumar, Principal Secretary (Finance), Ramakrishna Rao, CMP Principal Secretary Narsing Rao and other senior officials participated in the meeting.
Due to the severe economic situation in the state, the government has taken decisions to pay promptly the loan instalments, Asara pensions and to give the poor 12 kgs of rice during May in the backdrop of lockdown.
"Due to relaxations given in the lockdown guidelines, labourers and workers will get their daily work, hence Rs 1,500 cash will not be paid to them from May. The deduction of 75 per cent in the salaries of the public representatives, 60 per cent of the All India Service officers, 50 per cent of the government employees salaries, 25 per cent of the pensions will continue in the month of May as well. For outsourcing and contract workers, there will be a 10 per cent cut in their salaries in May too," read the CMO release. (ANI)

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