HYDERABAD: Chief Minister A Revanth Reddy has expressed serious concern over the increasing burden of payment of high interest rates on loans inherited from the previous BRS regime.
In a meeting with S Mahendra Dev, the chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), the chief minister mentioned the difficulties in the repayment of loans, adding that this was significantly impeding the state’s development.
The CM informed the EAC-PM chairman that the income generated by the state was being spent only on payment of interest on loans or clearing them. He stressed the government’s efforts to reduce the mounting interest burden on the state exchequer.
The chief minister emphasised that maintaining mutual respect between the Union and the state governments was important within the framework of the federal system. The country will not move forward without the development of the states, the chief minister added.
He also explained the initiatives taken by his government to create good infrastructure in all urban areas, especially in Hyderabad. Revanth also discussed the creation of more employment opportunities for the youth by providing skill development training and the plans envisaged for industrial development as well as the service sector.
He impressed upon Mahendra Dev the importance of the Regional Ring Road around Hyderabad and radial roads to connect the ring road.
Principal Secretary, Finance, Sandeep Kumar Sultania was also present.