Telangana Chief Minister K. Revanth Reddy has asked the 16th Finance Commission for more financial support to help the state develop further. He made this request during a meeting led by Dr. Arvind Panagariya, the Commission’s Chairman. Other members present at the meeting included Ajay Narayan Jha, Anu Mathur, Dr. Manoj Panda, and Dr. Soumya Kanti Ghosh. The meeting took place at Jyothiba Phule Prajabhavan.
One of the main issues discussed was Telangana’s rising debt. The Chief Minister asked for help in restructuring the state’s debt or getting extra financial support to reduce the burden. He mentioned that Telangana’s debt had reached ₹6.85 lakh crore by the end of the last financial year, much of which was used for infrastructure projects.
Several key points were raised by the Chief Minister during the meeting:
– Increase in central taxes share: Reddy requested that Telangana’s share in central taxes be increased from 41% to 50%. He pointed out that other states are also making similar demands.
– Telangana as a “Future State”: He highlighted that, despite being the youngest state in the country, Telangana has one of the fastest-growing economies. He emphasized that the state plays a crucial role in India’s overall development.
– Debt concerns: Reddy warned that a significant portion of the state’s revenue is being used to repay loans, which could slow down Telangana’s progress if not addressed.
– Support for India’s $5 trillion economy goal: The Chief Minister expressed his support for Prime Minister Narendra Modi’s vision of making India a $5 trillion economy. He shared that Telangana aims to become a $1 trillion economy on its own.
– Strengthening fiscal federalism: Reddy asked for the Finance Commission’s help in overcoming Telangana’s financial difficulties and strengthening the concept of fiscal federalism.
In closing, the Chief Minister expressed optimism that the 16th Finance Commission’s recommendations would help Telangana deal with its challenges and continue its rapid growth trajectory.
