Telangana turning investment hub but financial crisis looms, says Revanth Reddy
His international outreach included investor meets in the US, South Korea, Japan and Singapore.Reddy, at Sonata Software's event, highlighted Hyderabad's growth as a Global Capability Centre hub for software and life sciences, with the expanding presence of IT giants Microsoft, Cognizant, HCL Tech, Infosys, and Wipro. He claimed his government has created over 1 lakh private sector jobs.These assertions starkly contrast with Reddy's candid admissions about Telangana's financial condition just a week earlier. At the Telangana Police Real Heroes Zee Awards on May 6, he appealed to government employees to avoid strikes, describing the state's finances as a 'financial minefield' left by the Bharat Rashtra Samithi (BRS) government.advertisement'Even if you cut me into pieces, I can't raise more than Rs 18,500 crore per month,' Reddy stated then, pointing to a monthly revenue-expenditure gap of Rs 4,000 crore. He bluntly assessed the state's creditworthiness: 'No one is lending us money. Not a single paisa is being given. No one believes us anymore.'At the India Today Conclave in March, Reddy had revealed that of the Rs 18,500 crore earned monthly, Rs 13,000 crore immediately goes to salaries, pensions, and debt repayment, leaving only Rs 5,000 crore for development and welfare.The Chief Minister blamed the BRS government for leaving behind over Rs 8,500 crore in unpaid retirement benefits and massive arrears in power and infrastructure sectors. 'They declared free electricity, but didn't pay the coal bills for Singareni Collieries. Contractors are owed thousands of crores. They borrowed at 11% interest,' he said.Despite these challenges, Reddy remains committed to his 'Telangana Rising' vision, highlighting the establishment of Young India Skills University, Young India Sports University, and Young India Integrated residential schools.Reddy also pointed to the state's entrepreneurship programs, including what he called 'the country's largest entrepreneur funding and mentoring programme,' which empowers 66 lakh women through Self-Help Groups, and the newly launched 'Rajiv Yuva Vikasam' scheme that aims to promote self-employment.advertisementHe also cited the The Miss World contest currently taking place in Hyderabad as evidence of the state's growing international profile, with Reddy promising to bring more global events to the region.
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