Telangana govt in talks with World Bank for low-interest loans: CM Revanth

HYDERABAD: Chief Minister A. Revanth Reddy, in his maiden Independence Day address at the Golconda fort on Thursday, committed himself to avoiding high-interest borrowing so as to ensure the state's financial soundness while safeguarding its citizens from a heavy financial burden.

He said that the state government had approached the World Bank for loans at lower interest rates unlike the previous BRS government, which obtained borrowed at exorbitant interest rates from commercial banks and pushed Telangana into a `7 lakh crore debt burden.

"The government will not borrow funds at higher interest rates. Despite financial hurdles, we are making every effort to fulfil the promises of Six Guarantees and bring happiness to every family," Reddy said.

Highlighting the state's efforts to restructure its loans, the Chief Minister recalled his recent meeting with World Bank president Ajay Banga during his visit to the United States.

"Representatives of the World Bank expressed their willingness to extend financial assistance at low-interest rates for the state’s development," he stated.

In a veiled attack against the BRS regime, Reddy pointed out the steep rise in state debt in the last ten years.

"At the time of Telangana's formation, the state debt was ₹75,577 crore. By December of last year, it had surged to ₹7 lakh crore," he said, adding that his government was focused on reversing this trend and putting the state on a more sustainable financial footing.

Revanth Reddy presented an update on the progress of the Six Guarantees and said these initiatives were being actively pursued despite the financial challenges.

He also mentioned the long-standing issue of the division of assets between Telangana and Andhra Pradesh, a decade after the bifurcation, and said he was hopeful of a positive outcome of the recent talks held with the Andhra Pradesh Chief Minister regarding the bifurcation-related issues.

The Chief Minister described his ‘highly successful,” his recently concluded tours of the United States and South Korea. "We held talks with ten major global companies, resulting in agreements for ₹31,532 crore in investments in Telangana. These agreements are expected to create 30,000 job opportunities," Reddy announced. This marked a significant step towards positioning Telangana as a hub for global business and innovation, he said.

On accountability, the Chief Minister highlighted the creation of a facility that allows citizens to provide suggestions, thereby making the administration more people-friendly. "We are ready to rectify any mistakes," he said.

His speech hailed the contributions of former prime ministers Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi, Rajiv Gandhi, and P.V. Narasimha Rao. He also recognised AICC leader Sonia Gandhi's role in the formation of Telangana state.

Reddy articulated his vision of Telangana as a "future state," stating that development and welfare must go hand in hand to bring about qualitative changes in people's lives.

"Telangana should be promoted as the gateway to the world. We projected Telangana as a 'Future State' during our recent visits abroad and highlighted key initiatives such as developing Fourth City in Hyderabad, Musi Riverfront Development, RRR and expansion of Hyderabad Metro Rail," he stated.

Revanth Reddy also mentioned about the foundation stone laying of the Skill University on the outskirts of Hyderabad, with industrialist Anand Mahindra as its chairman. This institution, he noted, is part of his broader vision to position Telangana as a global gateway for talent and innovation.