HYDERABAD: During his Independence Day address, Chief Minister A. Revanth Reddy announced that the World Bank is poised to provide financial assistance to Telangana for development projects. He expressed satisfaction over the discussions with World Bank representatives, noting that the funds would come with favorable interest rates. Reddy emphasized that his administration would avoid the pitfalls of high-interest borrowing, aiming to prevent excessive financial strain on the state's residents.
The Chief Minister criticized the previous administration, alleging that it significantly deteriorated the state's economic situation by increasing the debt burden tenfold. Reddy pointed out that the state's total debt, which stood at Rs 75,577 crore at Telangana's formation, had surged to Rs 7 lakh crore by December of the previous year.
On Independence Day, Reddy unfurled the national flag at Golconda Fort and highlighted the achievements of the Congress government’s flagship schemes. He noted that women had saved Rs 2,619 crore through the free bus travel scheme and that the state spent Rs 242 crore on LPG subsidies for 85.17 lakh cylinders. Additionally, the Gruha Jyothi Scheme has benefited 47.13 lakh individuals.
Reddy reaffirmed his government's dedication to supporting farmers, revealing that Rs 31,000 crore had been allocated for crop loan waivers. He announced plans to launch the Ryuthu Bharosa Scheme, incorporating feedback and finalizing the details. The government has identified 33 paddy varieties for a Rs 500 bonus program and is considering an integrated Act to address land-related issues.
Looking ahead, Reddy shared plans to establish an Education Commission and upgrade Anganwadi centers to pre-primary schools. He emphasized a mission-focused approach to providing quality education, skill development, and job creation. Anand Mahindra, Chairman of the Mahindra Group, will head the newly formed Skill University.
Reddy also outlined efforts to position Telangana as a global gateway, mentioning recent promotional activities in the U.S. with Minister Sridhar Babu. He highlighted key projects such as the Fourth City, Musi Riverfront Development, Regional Ring Road, and Metro Rail expansion. At the Davos meeting, the government secured a record Rs 40,000 crore in investments, with an action plan already in motion to implement these agreements. The Chief Minister expressed confidence that these investments will create significant employment opportunities for Telangana's youth.