Telangana Govt under fire for risky financial move

The party leadership further expressed concerns about the appointment of a merchant banker as an intermediary, reportedly receiving a commission of Rs 100 crore.

Hyderabad: The Revanth Reddy government came under fire from the opposition BRS, for resorting to risky measures by mortgaging prime lands to raise funds for fulfilling electoral promises. The party leadership further expressed concerns about the appointment of a merchant banker as an intermediary, reportedly receiving a commission of Rs 100 crore.

According to media reports, the State government is planning to mortgage 400 acres of government land, worth Rs 20,000 crore, to private finance companies to secure a loan of Rs 10,000 crore. This land, belonging to the Telangana State Industrial Infrastructure Corporation (TSIIC), is primarily located in the economically significant areas of Kokapet and Raidurg.

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BRS working president KT Rama Rao criticised the State government for its inability to manage the State finances efficiently. “Such thoughtless actions will cripple the progress of Telangana. There will be no new investments, industries, or jobs, jeopardising the future of our children,” he posted on X.

Rama Rao pointed out that most of the IT industries are coming in areas like Kokapet and Raidurg. Mortgaging 400 acres in such a prime locality to private companies is an ill-advised move, he remarked. He said the industrial sector in Telangana has been stagnant for the past seven months, with no new investments and existing companies not receiving proper incentives. He questioned the impact of mortgaging industrial lands on the future of these companies and the State’s youth seeking employment.

In a separate post, the former Minister also highlighted the stalled progress of the ‘Eco Park’ project on the Himayatsagar Lakefront at Kothwalguda near Hyderabad. Launched in October 2022, this ambitious 125-acre project included attractions like India’s largest aviary, an aquarium, boardwalks, landscaped parks, and weekend camping facility among others. However, the project has come to a standstill in recent months due to a lack of support from the current administration.

“I urge Chief Minister Revanth Reddy to take this project forward and make sure Hyderabadis have a great family getaway as we had conceptualised,” he said.