HYDERABAD: The state government is likely to seek financial assistance from the World Bank or Japan International Cooperation Agency (JICA) for executing the Musi Riverfront Development Project.
This was a major topic of discussion during a review meeting Chief Minister A Revanth Reddy had with the officials of revenue-generating departments here on Thursday.
The meeting, which lasted for just around 20 minutes, was also attended by Deputy Chief Minister Mallu Bhatti Vikramarka, Revenue Minister Ponguleti Srinivasa Reddy and Chief Secretary Santhi Kumari.
The government estimates that the Musi project will cost Rs 40,000 crore to Rs 60,000 crore, sources said. According to sources, the Union government has given in-principle approval to provide funds for the Musi project under its smart cities scheme.
The chief minister, meanwhile, has instructed the officials to focus on achieving the annual revenue target.
During the meeting, the chief minister reportedly sought details of revenue generated so far and gaps to be filled to achieve the target.
It is learnt that the revenue from the Registration & Stamps Department dropped due to various reasons. The government wants to focus on this issue and try to overcome it, sources added. The state government’s expected revenue from registration and stamps in 2024–25 was Rs 58,594.91 crore but it generated just Rs 6,390.38 crore by August-end.
While the government’s estimated tax revenue in 2024–25 is Rs 1.64 lakh crore, it has managed to generate Rs 57,722 crore by the end of August. GST has accounted for a major share of the tax revenue. In the first five months of the financial year, the state received Rs 20,500.45 crore in the form of GST.