Tag: Telangana

CAG expresses concern over Telangana Government utilising borrowed amounts for repayment of public debt

Post author By Z+ Insurance
Post date August 6, 2023
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The CAG has expressed concern that the Telangana government had utilised borrowed funds for repayment of public debt in the financial year 2021-22. File
| Photo Credit: PTI

The Comptroller and Auditor General of India (CAG) has expressed concern the State Government had utilised borrowed funds for repayment of public debt in the financial year 2021-22.

“Normally, public debt is discharged using revenue surplus. However, the Government incurred revenue deficit of Rs. 9,335 crore during 2021-22. The borrowed funds were utilised for the repayment of public debt,” the CAG said in its report tabled in the Legislative Assembly on August 6.

The CAG said the extent to which the fiscal deficit, as represented by borrowed funds, had been channelised towards the creation of capital assets was an indicator of prudent financial management. The borrowings of ₹46,995 crore in the year was partly utilised to meet the capital expenditure of ₹28,883 crore and loans and advances of ₹8,469 crore. The outstanding public debt of Telangana is ₹3.14 lakh crore, 27.4% of the GSDP which was against the State Government’s own target set for maintaining outstanding public debt of less than 25% of the GSDP.

The State at the end of 2021-22 had a revenue deficit of ₹9,335 crore and a fiscal deficit of ₹46,639 crore. A revenue deficit of ₹9,335 crore was against the target of maintaining revenue surplus status at the time of presenting the medium-term fiscal policy and strategy statement presented by the Government along with the 2021-22 budget. The fiscal deficit at ₹46,639 crore as per the accounts was 4.06% of the GSDP during the period while the Government’s assertion was it would not exceed 3%, the CAG said.

The fiscal deficit was met from net of borrowings and other liabilities (public debt of ₹42,936 crore), public account (₹3,773 crore) and cash balance (-₹70 crore). Around 50% of the revenue receipts (₹1.27 lakh crore) was spent on committed expenditure like salaries (₹30,375 crore), interest payments (₹19,161 crre) and pensions (₹14,025 crore).

In 2021-22, loans totalling to ₹45,716 crore at interest rates varying from 6.89% to 7.37% repayable between 2032 and 2051 were raised from the open market. In addition, the State Government also raised ₹1,279 crore from other financial institutions like LIC, GIC and NABARD. A huge ₹67,274 crore was availed as ways and means advances and repaid during the year. “Thus the internal Debt raised during the year excluding Ways and Means Advances was ₹46,995 crore. Repayments of Internal Debt of State Government excluding Ways and Means Advances was ₹8,333 crore,” the CAG said.

The total loans and advances made by the Government was ₹52,379 crore including ₹8,441 crore towards loans and advances to government companies/corporations. Non-Government institutions and local bodies and ₹28 crore as loans to government servants during the financial year. Interest due on these loans amounted to ₹4,171 crore and only ₹47 crore (0.09% of the total outstanding loan of ₹52,379 crore) was received towards repayment of loans and advances and this pertained to the loans given to government servants.

“Effective steps to recover the outstanding loans would facilitate the Government to maintain better fiscal position,” the CAG said.

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Tags cag report on telangana, Telangana, telangana legislative assembly

Delhi News

KCR hits out at BJP over ‘privatisation’ moves in coal, energy sectors

Post author By Z+ Insurance
Post date June 10, 2023
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Telangana Chief Minister K Chandrasekhar Rao hit out at the BJP over the Centre’s alleged privatisation moves in the coal and energy sectors.

Addressing a public meeting at Mancherial Friday night after inaugurating the new Integrated District Collector’s office, he also attacked the Congress for “selling off” 49 per cent stake in state-run miner Singareni Collieries.

The Singareni Collieries Company Limited (SCCL) is a government coal mining company jointly owned by the Government of Telangana and Government of India on a 51:49 equity basis.

Singareni Collieries, founded during the Nizam era, is Telangana’s own, he said.

Singareni Collieries’ turnover rose from Rs 11,000 crore in 2014 (when Telangana was formed and BRS came to power) to Rs 33,000 crore, he added.

He alleged that the Congress, when it was in power, had “sold off” 49 per cent stake in the Singareni Collieries to the Centre after failing to repay loans.

Meanwhile, the present BJP-led government at the Centre talks about privatising coal mines and making the Singareni Collieries “sink”, he said.

“You will be surprised if (I) tell you the ‘golmal’ behind this. There is no shortage of coal in the country. Along with Singareni, eastern coalfields, western coalfields, all put together, 361 billion tons of coal has been found in the country and available to people,” he said.

“But, what is happening in the country? When coal reserves of 361 billion tons are there in the country, they say we will privatise electricity, coal mines and close jobs related to electricity and hand over Singareni to private people. What is this bad policy? What is happening in the country?” he said.

Rao, who spoke about efforts of state government to strengthen Singareni Collieries, said the government coal mining company would be expanded and transformed into a great employment resource.

Though so much coal is available in the country, it is not being used and that coal is being imported from Australia and Indonesia, he alleged.

Because, injustice is happening across the country, the TRS has been changed as BRS to face the injustice and that fight would be carried out across the country, he said.

“While the Congress made Singareni Collieries sink half, the BJP is now out to make it sink fully,” he said.

Though PM Narendra Modi had given a word against privatisation of Singareni Collieries during a visit to the state, tenders were called for coal mines after he reached Bengaluru, he claimed.

While the Telangana government provided 24×7 power supply, there is power shortage in different states. There are power cuts even in the National Capital, he said.

With Telangana set to go for polls this year-end, Rao, also known as KCR, announced a hike in the social security pension given to persons with disabilities by Rs 1,000. Following the hike, the pension would be Rs 4,116.

During his Mancherial visit, he launched the programme to distribute house ‘pattas’ to homeless poor and the scheme to provide financial assistance to those among backward classes who are dependent on traditional occupations.

He also launched the second phase of sheep distribution programme to sheep rearers.

During the public meeting, the Chief Minister highlighted the numerous welfare and development schemes of his government, including Rythu Bandhu investment scheme for farmers, Rythu Beema life insurance scheme for ryots, free power to farmers, distribution of piped drinking water to households and success in water projects.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Delhi News

BJP govt trying to destroy federal structure: Opposition leaders at KCR rally

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Post date January 19, 2023
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COMING TOGETHER at a mega rally organised by the Bharat Rashtra Samithi (BRS) — its first since turning national after its earlier identity as the Telangana Rashtra Samithi (TRS) — Opposition parties on Wednesday accused the BJP-led government at the Centre of trying to destroy the country’s federal structure.

Besides Telangana Chief Minister and BRS leader K Chandrashekar Rao, Chief Ministers Pinarayi Vijayan (Kerala), Arvind Kejriwal (Delhi), Bhagwant Mann (Punjab), Samajwadi Party leader Akhilesh Yadav and CPI leader D Raja were among those present.

“Ideas such as secularism, democracy, federal structure, social justice and equality… were included in India’s Constitution so as to uphold the values championed by our freedom struggle… Since those in power now were not part of our collective (freedom) struggle then, they do not know the values on which India has been built as a sovereign, democratic republic. So they seek to alter the basic structures on which our modern nation has been built, even as they call for celebrations such as Azadi ka Amrit Mahotsav… Amidst the glam and glitter of these celebrations, they seek to undo the very foundations of our country, our democracy and our Constitution,” said Vijayan, accusing the BJP-led government at the Centre of trying to destroy the country’s federal structure.

Saying that a people’s movement had started in Khammam, the Opposition leaders called for the ouster of the BJP in the 2024 Lok Sabha elections.

Akhilesh also raised the issue of federalism in his speech. “Modi is using Governors to confront elected CMs of states. The BJP does not believe in federal system of governance. The BJP and RSS don’t believe in diversity,” he said. “A message from Khammam should go out, that the republic is under threat, and it should be saved by defeating the BJP,” he said.

He said Modi had said on Tuesday that 400 days remained for the government at the Centre. “When a government starts to count its days, understand that it is not going to return. Now only 399 days remain,” he said.

“Governors are being used by Modi to create trouble for CMs. How will a country progress if the country’s PM spends all day on how to trouble which CM, which state to send CBI and ED to. He only thinks which government to topple. Today, the country is demanding change. The BJP has ruined the country. It is time to change the government,” said AAP leader and Delhi CM Kejriwal.

His party colleague, Mann, spoke on similar lines, accusing the BJP of seeking to topple “every non-BJP government”. Both Kejriwal and Mann said they would implement some of the BRS government’s schemes in their states too.

Raja praised the KCR government’s welfare measures like Dalit Bandhu and Rythu Bandhu. “Republic Day will be observed but the democracy and unity of the country are under threat. They are trying to change the Constitution. Our Constitution says the Indian state should be a federal state. The BJP and RSS want to impose medieval rule,” he said.

In his speech, KCR announced a number of sops for the district. “The US and China have less agricultural land than India… We have hard-working people, the best food chain in the world. Yet, we have to import dal and palm oil. We have so much water, but still large areas don’t receive drinking or irrigation water. States are fighting over sharing river water. The Congress and BJP are the reason for the sad state of affairs in this country. If the BRS government comes to power at the Centre, all farmers will receive free power and financial support. LIC will be bought back if Modi sells it,” he said.

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Tags AAP, bharat rashtra samithi, Bharat Rashtra Samithi in Khammam, BRS meet show of strength, CPI, hyderabad, indian express, JD(S), K Chandrashekar Rao, national Opposition, national Opposition meet, S&P, Telangana, telangana news