KTR raises concern over Telangana’s fiscal decline, calls CAG report as ‘Red Alert’
BRS working president K.T. Rama Rao has warned of an economic crisis in Telangana, citing a CAG report showing falling revenues and soaring debt. He accused the Congress government of financial mismanagement and demanded clarity on plans to stabilise the economy.
Hyderabad: Raising concern over the decline in the State revenue, BRS working president KT Rama Rao sounded a serious red flag over the latest CAG (Comptroller and Auditor General) report. He accused the Congress government of driving Telangana into an economic crisis within just months of assuming power.
He said a failed Congress party’s governance resulted in a failed economy. “They promised six guarantees but delivered only a failed economy,” he said, adding that while income was on a downward trend, the debts were zooming up.
Calling it “plain math, not rocket science,” Rama Rao said the State’s finances were crumbling due to the Congress government’s incompetence. He pointed out that while the budget projected a Rs 2,738 crore surplus, the first quarter closed with a staggering Rs 10,583 crore revenue deficit.
According to the CAG, the non-tax revenues were abysmally low at 3.37 per cent of the target of Rs 2,26,720 crore, while borrowings had already reached Rs 20,266 crore i.e. 37.5 per cent of the annual limit.
“Without a single new road or project being commissioned, without even providing students a decent square meal, this government has spent Rs 20,266 crore. Where is the expenditure going?” Rama Rao asked.
He demanded the Congress leaders who made claims of Telangana’s economy being on autopilot to explain the ongoing phenomenon of a free-fall. “Can the financial experts of Congress tell how they plan to bring the State’s economy back on track?” he questioned.
