Congress will raise loans of Rs.6.38 lakh crore in 5 years, says Harish Rao

Harish Rao expressed his gratitude to Deputy Chief Minister Mallu Bhatti Vikramarka for acknowledging that the Congress government had raised Rs.1,27,208 crore in loans during its first year. He further projected that, with the increase in FRBM limits, the Congress government was likely to raise nearly Rs.7 lakh crore in loans.

Hyderabad: Hauling the ruling party over the coals in connection with the loans taken by the State, former Finance Minister T Harish Rao said the Congress government had raised Rs.1, 27, 208 crore loans in the first year and at this rate, after five years, the total loans raised would be Rs.6.38 lakh crore.

This was as per the report submitted by the Congress government in the Assembly, he said while speaking on a short discussion on “Outstanding Liabilities of the State” on Thursday.

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“I thank Deputy Chief Minister Mallu Bhatti Vikramarka for admitting that the Congress government raised Rs.1, 27, 208 crore loans in the first year,” Harish Rao said. Further, based on the increase in FRBM limits, the Congress government would raise nearly Rs.7 lakh crore, he added.

However, the Finance Minister countered saying that former Minister was trying to mislead the House. Harish Rao continued to counter the ruling party’s charges on the loans raised by the previous BRS government with facts and figures.

“The Congress party tries to defame the BRS government claiming that it had raised Rs.6.71 lakh crore loans. Fact is that Rs.15,118 crore loans raised by Congress government during December 2023 and March 2024 were also included in the loan account raised by BRS government,” he explained.

The former Minister said Rs.72,000 crore loans raised in the united Andhra Pradesh were passed on to Telangana. The guarantees of Rs. 11,609 crore on successive loans raised before 2014 and Rs.15,118 crore loans raised by Finance Minister Mallu Bhatti Vikramarka were also included in the loan account of BRS government, he said.

If the Rs.99,385 crore loans that were not raised by BRS government and the Rs.1,54,876 crore loans, which the government does not have to repay, were discounted, the total loans would amount to Rs.4,17,000 crore. This is against the Rs.6.71 lakh crore claimed by Congress government, Harish Rao explained.

The Finance Minister had said that the BRS government had not released funds for farm mechanization, drips and sprinklers, farmers insurance and had not increased mess charges. Countering his charges, Harish Rao said during the 2018-19 fiscal, the BRS government had paid Rs.883 crore, in 2019-20 Rs.950 crore, in 2020-21 Rs.1456 crore, in 2021-22 Rs.1166 crore and in 2022-23 Rs.1139 crore were released towards Rythu Bima.

“I challenge to Mallu Bhatti Vikramarka to prove me wrong. I will submit my resignation and if you have lied, will you submit your resignation?” Harish Rao asked.