Kavitha fires salvo at TG govt for plotting to mortgage TGIIC lands
Hyderabad: BRS MLC K Kavitha on Monday alleged that the Telangana government was planning to convert the Telangana Industrial Infrastructure Corporation (TGIIC) into a public company and was conspiring to mortgage 1.75 lakh acres in the stock market.
Addressing a press conference at Telangana Bhavan, Kavitha alleged that the State government had taken loans to the tune of Rs 1.8 lakh crore in last 16 months only to pay bills of Rs 1 lakh crore to big contractors. She further alleged that CM Revanth Reddy had taaken 20 per cent commission for the bills paid to contractors, and accumulated Rs 20,000 crore in his own treasury. 'Huge bills were paid to a company belonging to a State minister and to Megha Engineering Infrastructure Limited (MEIL) Company. I have specific evidence in this regard,' she said.
Kavitha alleged that the State government issued a secret GO to convert TGIIC from a private limited company to a public limited company. The government's idea was to take loans of thousands of crores through the stock exchange by changing the status of the company. She asked the government to explain what was the need to mortgaging Telangana lands on the stock exchange? She was furious that Chief Minister Revanth Reddy was not thinking about the future of the people of Telangana. She demanded that the government withdraw its decision to convert TGIIC into a public limited company.
Meanwhile, Kavitha recalled that CM Revanth Reddy incurred debts of more than Rs 1.8 lakh crore in the last 16 months of his rule, but did not implement any scheme. She said, 'The government has not fully implemented a single scheme with the debts incurred, nor had he spent it on development. Only Rs 80,000 crore was utilised by the government to repay the loans taken by the previous government.'
She asked the government to explain where the remaining Rs 1 lakh crore had gone. She said that if she was wrong, the government should release a white paper.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
23 minutes ago
- New Indian Express
Bank officer in Kota embezzled Rs 4.6 crore from customers' fixed deposits to invest in stock market, arrested
JAIPUR: In a massive financial fraud case, a female officer at a private bank in Kota has been arrested for misappropriating over Rs 4.58 crore from customer accounts over a span of three years. The accused, Sakshi Gupta, was serving as a relationship manager at ICICI Bank and is alleged to have diverted funds from fixed deposits to invest in the stock market and faced heavy losses. Police officials revealed that between 2020 and 2023, Gupta illegally withdrew money from 110 fixed deposit accounts belonging to 41 customers. She exploited a system loophole known as the "User FD" link to access and siphon off funds without triggering alerts to the account holders. The fraud remained undetected for years and only came to light after a managerial transfer at the branch. When a customer recently visited the bank to redeem a matured fixed deposit, discrepancies in the account triggered an internal inquiry. Investigating Officer Ibrahim Khan said Gupta rerouted OTPs (One-Time Passwords) from customers' accounts to her own system by linking phone numbers of her relatives. This allowed her to carry out high-value transactions without the account holders being notified. "She developed a system that intercepted OTPs, ensuring customers remained unaware of the unauthorized withdrawals. We're investigating who else may have been involved — inside or outside the bank," Khan said.
India Gazette
27 minutes ago
- India Gazette
QuBeats wins Defence Ministry's iDEX ADITI 2.0 grant of Rs 25 crore to build Quantum Navigation Systems for Indian Navy
New Delhi [India], June 7 (ANI): Indian quantum deeptech startup QuBeats has won the prestigious ADITI 2.0 Defence Challenge to develop an indigenous Quantum Positioning System (QPS) for the Indian Navy. The award, which comes with a grant of Rs 25 crore (USD 3 million), will enable QuBeats to build next-generation high-precision quantum sensors that promise accurate navigation in GPS-denied or spoofed environments - a critical capability for modern military operations. QuBeats said in a release that it is disrupting conventional paradigms with its innovative quantum magnetometer technology in an era heavily dependent on satellite-based navigation like GPS. 'These high-precision sensors detect the Earth's unique magnetic anomaly signatures, enabling navigation that is entirely independent of GPS systems--reliable by day or night, in any condition. This groundbreaking capability offers transformative benefits across both military and civilian domains, addressing a potential market of USD 10 billion. The startup is currently raising a seed round to accelerate its product research roadmap,' the release said. 'As one of the few quantum sensing companies of its kind in India, QuBeats is redefining the country's strategic technological edge,' it said. The release said the company has been founded by a stellar team of physicists, engineers, and defence technologists and is building a suite of quantum products that include Quantum Magnetometers, Quantum Gyroscopes, Miniature Atomic Clocks, Rydberg Radars, and highly sensitive target detection sensors for critical and strategic use cases. 'Winning the ADITI 2.0 Challenge is not just a validation of our unique technology approach, but a clarion call to India's quantum aspirations. QuBeats is here to build the future--and build it from India,' said the founders in a joint statement. The release said QuBeats is uniquely positioned with a first-mover advantage in India in an age where navigation sovereignty and sensor dominance define military superiority,. With foundational IP in quantum sensing, a strong R&D pipeline, and a global outlook, QuBeats aims to productize quantum sensing solutions for defence, aerospace, energy, and critical infrastructure. The founding team includes Mallikarjun Karra - a PhD candidate at Max Planck Society, Madhu Talluri -postdoc from Lawrence Berkeley Lab, Shouvik Mukherjee - a finishing postdoc at Joint Quantum Institute at Univ of Maryland, US and Rajat Sethi - a graduate of MIT, Harvard and IIT Kharagpur. The release said China and the United States are investing billions in quantum navigation and sensing. China's PLA has integrated quantum magnetometers for stealth submarine detection, while the US is advancing chip-scale quantum clocks and gravity sensors for battlefield resilience. It said QuBeats provides India a vital response to these developments. 'By creating indigenous, battle-ready, and globally competitive quantum systems, QuBeats is India's answer to strategic parity in quantum warfare,' the release said. QuBeats said it proud to lead India's charge 'with vision, innovation, and the indomitable spirit of first principles' as quantum becomes the new high ground in defence and aerospace. (ANI)
India Gazette
27 minutes ago
- India Gazette
Union Agriculture Minister announces approximately Rs 6,262 crore for MNREGA for Madhya Pradesh this year
Sehore (Madhya Pradesh) [India], June 7 (ANI): Union Minister for Agriculture and Farmers' Welfare and Rural Development Shivraj Singh Chouhan on Saturday inaugurated and laid the foundation stones for various development works worth crores of rupees in Sehore district of Madhya Pradesh, the Ministry of Agriculture & Farmers Welfare said in a release. As per the release, on this occasion, Chouhan said that for the MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act), Madhya Pradesh will receive approximately Rs 6,262 crore this year. Chouhan called upon everyone to actively participate in development initiatives and said, 'We will leave no stone unturned to fulfil Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047. The development of villages and the nation is only possible with the support and cooperation of the people. The development of the country depends on the development of its villages.' Chouhan added that consistent work is being done to bring Narmada water to Sehore, and the people can expect the waters of Narmada to reach the region soon. Efforts are also underway to supply Narmada water to farmers' fields in Ashta and Ichhawar. Speaking on urban development, Chouhan noted that Bhopal is being designated as a metropolitan city, and this will significantly benefit Sehore as the two cities grow closer and progress together. Regarding housing for the poor, Chouhan shared that under the Pradhan Mantri Awas Yojana (PMAY), 14 lakh homes were approved for the poor as per the 2018+ list. He announced the approval of the remaining 7,85,356 houses. He also mentioned that the survey work for the scheme is underway, and after verification, new eligible applicants will also be approved to ensure that every deserving poor family gets a home. The Minister proudly stated that 1.48 crore women across the country have become 'Lakhpati Didis' (women earning Rs 1 lakh or more annually), and the government continues to strive to ensure no woman remains poor. Efforts are also being made to increase this number further. Chouhan further discussed the ongoing Viksit Krishi Sankalp Abhiyan, stating, 'I have asked 16,000 scientists to step out of laboratories and go into villages. These scientists are now visiting rural areas, sharing their research directly with the farmers. I urge farmers to listen carefully to the scientists and adopt their recommendations to increase productivity. It is our resolve to achieve Viksit Krishi (developed agriculture) for a Viksit Bharat.' Madhya Pradesh Chief Minister Mohan Yadav, also addressing the gathering on this occasion, assured that irrigation facilities will be extended to every farm and that, wherever necessary, full water support will be provided to ensure complete irrigation, the release added. (ANI)
