Telangana Minister Uttam urges REC to reduce interest on Rs 16K crore irrigation loans
The minister held a meeting with REC Chairman and Managing Director Jitendra Srivastava in Delhi. Special Chief Secretary of Finance Sandeep Kumar Sultania also participated in the discussions.
During the meeting, the minister urged REC to consider reducing the interest rates on the existing loan portfolio and to increase the loan repayment tenure, which would provide the state with much-needed fiscal flexibility and breathing room to continue its developmental agenda without disruptions.
Highlighting the strategic importance of irrigation infrastructure in Telangana's agrarian economy, the minister emphasised that easing the repayment conditions would not only help the state manage its finances more effectively but also enable timely completion of critical projects that directly impact lakhs of farmers.
The CMD and senior officials of REC responded positively to the request and assured the minister that the corporation would sympathetically examine the proposal submitted by the Telangana government.
The state government had borrowed approximately Rs 16,000 crore from REC for the execution of various large-scale irrigation projects aimed at ensuring water security for agriculture and rural development.
However, the loans were sanctioned at relatively high interest rates and with shorter repayment cycles, which are now placing considerable strain on the state's financial resources.
Seeks extension of repayment tenure
During a meeting with REC CMD Jitendra Srivastava in Delhi, Irrigation Minister N Uttam Kumar Reddy also urged the corporation to extend repayment tenure, which he said would provide the state with much-needed fiscal flexibility to continue its developmental agenda.
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