HYDERABAD: IT Minister KT Rama Rao on Friday said that the Centre should play the role of an enabler instead of creating obstacles for the states in the creation of capital assets.
Speaking at the NASSCOM Technology Leadership Forum at Mumbai, the Minister said the Centre still had a conservative mindset which was preventing the states from getting capital for building infrastructure projects.
“An investor from the Middle East recently showed interest in sinking US $ 10 billion in Telangana. But the Centre said no and we lost the investment,” KTR said, disapproving of the Department of Economic Affairs insisting that it should have the final say in clearing all the loans.
The IT minister said that India should look at the way developed countries are borrowing for creation of assets. “Telangana’s debt to GSDP ratio is 20 per cent and yet I am accused of borrowing heavily. US’ debt to GDP ratio is at 102 per cent, while Japan’s is at 200 per cent. India’s is just 48 per cent. This conservative mindset has to change,” the Minister said.
He pointed out that if India were to become US $ 5 five trillion economy, it has to work overtime. “We have already lost two years due to the economic slowdown. If we have to reach US $ 5 trillion target by 2024-25, we have to grow at 10 per cent, not at 8 or 7.5 per cent,” the Minister said. KTR further underscored the need for the three Is -- innovation, infrastructure and inclusion. “These three Is is my mantra for rapid economic development,” he said, and pointed out how Telangana, after its creation in 2014, had invested Rs 1.64 lakh crore on big ticket infrastructure projects including Kaleswharam and Mission Bhagiratha.