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India Today
13-05-2025
- Business
- India Today
Telangana turning investment hub but financial crisis looms, says Revanth Reddy
Telangana Chief Minister A Revanth Reddy asserted the state's economic leadership even as his administration confronted severe fiscal challenges inherited from the previous government, he the inauguration of a software company's new Hyderabad facility on Monday, Reddy claimed Telangana ranks first nationally in attracting investments, managing inflation and maintaining law and order. He announced the state has secured nearly Rs 3 lakh crore in investments since his Congress government took office in December are the number one state in India in investments – both domestic and international,' Reddy stated, noting Telangana attracted approximately Rs 1.78 lakh crore at this year's World Economic Forum in Davos alone. His international outreach included investor meets in the US, South Korea, Japan and at Sonata Software's event, highlighted Hyderabad's growth as a Global Capability Centre hub for software and life sciences, with the expanding presence of IT giants Microsoft, Cognizant, HCL Tech, Infosys, and Wipro. He claimed his government has created over 1 lakh private sector assertions starkly contrast with Reddy's candid admissions about Telangana's financial condition just a week earlier. At the Telangana Police Real Heroes Zee Awards on May 6, he appealed to government employees to avoid strikes, describing the state's finances as a 'financial minefield' left by the Bharat Rashtra Samithi (BRS) if you cut me into pieces, I can't raise more than Rs 18,500 crore per month,' Reddy stated then, pointing to a monthly revenue-expenditure gap of Rs 4,000 crore. He bluntly assessed the state's creditworthiness: 'No one is lending us money. Not a single paisa is being given. No one believes us anymore.'At the India Today Conclave in March, Reddy had revealed that of the Rs 18,500 crore earned monthly, Rs 13,000 crore immediately goes to salaries, pensions, and debt repayment, leaving only Rs 5,000 crore for development and Chief Minister blamed the BRS government for leaving behind over Rs 8,500 crore in unpaid retirement benefits and massive arrears in power and infrastructure sectors. 'They declared free electricity, but didn't pay the coal bills for Singareni Collieries. Contractors are owed thousands of crores. They borrowed at 11% interest,' he these challenges, Reddy remains committed to his 'Telangana Rising' vision, highlighting the establishment of Young India Skills University, Young India Sports University, and Young India Integrated residential also pointed to the state's entrepreneurship programs, including what he called 'the country's largest entrepreneur funding and mentoring programme,' which empowers 66 lakh women through Self-Help Groups, and the newly launched 'Rajiv Yuva Vikasam' scheme that aims to promote also cited the The Miss World contest currently taking place in Hyderabad as evidence of the state's growing international profile, with Reddy promising to bring more global events to the region.
India Today
06-05-2025
- Business
- India Today
Looking at us like we're thieves: Revanth Reddy warns of Telangana's bankruptcy
Chief Minister A Revanth Reddy made a series of candid admissions and painted a bleak picture of Telangana's creditworthiness. In an impassioned appeal to government employees, he urged them to reconsider their strike threats and instead work with the state to navigate what he described as a 'financial minefield' left behind by the previous Bharat Rashtra Samithi (BRS) government. Speaking at the Telangana Police Real Heroes Zee Awards in Hyderabad on Monday, Reddy acknowledged the growing unrest among employee unions over delayed salaries and pending allowances. But he was blunt about the state's fiscal condition: 'Even if you cut me into pieces, I can't raise more than Rs 18,500 crore per month,' he said, warning that the gap between revenue and expenditure — estimated at Rs 4,000 crore — was pushing the state toward bankruptcy. 'NOT A SINGLE PAISA IS BEING GIVEN' 'No one is lending us money. Not a single paisa is being given. No one believes us anymore. They're looking at Telangana representatives like we're thieves. When we go to Delhi, no one even gives us an appointment, thinking we would steal their slippers, if called,' he remarked, drawing attention to the reputational damage inherited from the previous regime. He said the BRS government left the Congress with over Rs 8,500 crore in unpaid retirement benefits and massive arrears in the power and infrastructure sectors. 'They declared free electricity, but didn't pay the coal bills for Singareni Collieries. Contractors are owed thousands of crores. They borrowed at 11% interest. Can there be anything more evil?' he asked. Reddy extended an open invitation to union leaders: 'Walk with me to steer the State toward development. If you have concerns, speak to the finance minister or Secretary. We are willing to be transparent.' EMOTIONAL PLEA TO EMPLOYEES Amid threats of a strike, Reddy urged employee unions not to fall prey to what he called political manipulation by the Opposition. 'Why are the employees annoyed? Is your fight against the people of Telangana? Do they want to go on a strike because salaries are not paid on the first of the month, unlike before?' he asked. He insisted the government was not hiding anything. 'This government is yours. I will reveal all the accounts to you. You decide what is to be given or put on hold,' he told employees in the Legislative Council recently. While acknowledging that the demand for Dearness Allowance (DA) was legitimate, he requested workers to 'not insist on it in view of the present difficult financial situation.' Reddy also pointed out that for the first time in a decade, state employees were receiving salaries on time, despite the strain. 'As the Chief Minister, I am entitled to fly by special aircraft, but I sometimes travel economy. I never publicised this. We are practicing fiscal discipline,' he said. WARNING AGAINST POLITICAL DESTABILISATION 'Tell me — should we stop welfare schemes? Should we raise petrol prices to Rs 200? That's not right. Protests and hunger strikes at this stage could lead to a complete collapse of the government machinery,' he warned. In a veiled dig at former Chief Minister K Chandrashekar Rao, Revanth said, 'The person who caused this destruction is enjoying comfortably in the farmhouse,' while the current government struggles to rebuild the financial system. 'We've taken Rs 1.58 lakh crore in loans and already repaid Rs 1.54 lakh crore. We're trying to rebuild the system. Please bear with us,' he said. Revanth reminded employees that the government was a 'united family' and urged them not to damage its honour. 'Telangana society will not tolerate the irresponsible action of some leaders and those who are trying to target the government using the unions,' he warned. STRAINED FINANCES, MOUNTING OBLIGATIONS This is not the first time Reddy has implied of the state's falling finances. At the India Today Conclave in March, he admitted that his perception of the state's finances changed dramatically after taking office. 'After I sat on the Chief Minister's chair, I got to know the truth,' he confessed. He said, of the Rs 18,500 crore earned each month, Rs 6,500 crore goes toward salaries and pensions, and another Rs 6,500 crore toward debt repayment. 'That means Rs 13,000 crore is gone before the 10th of every month. I am left with only Rs 5,000 crore for welfare and development. I have no money for capital expenditure,' he explained. Later in the month, in the Legislative Council he admitted that it was difficult to pay government employees' salaries on the first of every month. Even at that time, he urged the state employees to understand the situation and assured them of complete transparency regarding the state's financial position.
