Wednesday, May 22, 2024
More
    HomeHyderabadTelangana government commits to strict fiscal discipline to overcome debt burden in...

    Telangana government commits to strict fiscal discipline to overcome debt burden in Hyderabad

    Related stories

    Release of Telangana State Anthem “Telangana Geetham” Imminent

    The government has finished working on the Telangana State...

    NIA apprehends four additional suspects in multi-State raids related to Rameshwaram Cafe blast investigation

    NIA detained suspects from Anantapur, Vikarabad, and Coimbatore, including a Bengaluru techie, for interrogation.

    The Telangana government is focusing on reducing its debt burden by adopting strict financial discipline. Even though the state can borrow money based on its Gross State Domestic Product (GSDP), the government is being careful with its finances.

    Officials have stated that corrective measures have been taken to improve the state’s economy. The government is ensuring that debts and loan interests are paid on time, and cost control measures are in place to prevent overspending. The previous government left behind a debt burden of Rs 7 lakh crore, which has been a heavy burden on the state.

    - Advertisement -

    Since Chief Minister A Revanth Reddy took office in December 2023, the government has borrowed Rs 17,618 crore while making repayments of Rs 25,911 crore. Efforts are being made to reduce the debt burden and focus on infrastructure development with Rs 5,816 crore spent on capital expenditure.

    Also read:  Yadagirigutta kicks off grand celebrations for Lord Lakshmi Narasimha Swamy's birth

    The current government is borrowing within budget limits and using the funds for planned and non-planned expenses. Compared to previous years, the debt burden has decreased, with Rs 15,968 crore borrowed in the first four months of the current fiscal year. The government’s commitment to fiscal discipline is evident as it seeks to borrow less despite having a higher GSDP.

    - Advertisement -

    In the upcoming vote on account for 2024-2025, the government plans to borrow Rs 59,625 crore but has only borrowed Rs 2,500 crore so far. This reflects the government’s efforts to maintain financial discipline and reduce its debt burden responsibly.

    - Advertisement -

    Follow us

    3,565FansLike
    179FollowersFollow
    1,202FollowersFollow
    965SubscribersSubscribe

    Contribute News

    You can contribute an article to Telangana Tribune by dropping a mail at newsdesk@telanganatribune.com

    Latest stories

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here