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Telangana will have an outstanding debt of Rs 6,71,757 crore, including non-guaranteed loans of corporations or institutions by the end of FY 24 against Rs Rs 72,658 crore in 2014, the state government said.
Telangana State Finances-White Paper was tabled by the government in the Legislative Assembly.
The debt servicing burden of monies which are borrowed on the budget and off-budget has increased enormously and is consuming 34 per cent of the state's revenue receipts while the salaries and pensions of employees consume another 35 per cent of the state revenue receipts, a state government document said on Wednesday.
The total debt on the books of the State, guaranteed and serviced by the State, guaranteed but not serviced by the State, and not guaranteed and serviced by the institutions is Rs 6,71,757 crores,' it said.
Further, as per budget estimates for FY 2023-24, the debt under FRBM (Fiscal Responsibility and Budget Management Act, 2003) is estimated to increase to Rs. 3,89,673 crore.
In Telangana, there is a gap of almost 20 per cent between the budgeted and the actual expenditure. This figure is not only high when compared to other states, but also in comparison to the expenditure achieved in the united Andhra Pradesh, the document said.
The new government is determined to implement all the six guarantees which are promised by the party based on which the people of Telangana had given the mandate for change, it said.
Terming the White paper as full of mistakes, BRS member and former finance minister T Harish Rao said it aimed at blaming the previous government.
He further said the previous government has invested a lot of money on asset creation.
BRS leader listed the previous government's achievements amid objections from the treasury benches.
Objecting to Harish Rao's comments Chief Minister Revanth Reddy said whatever Rao said was factually incorrect.
He said the previous government had raised loans by projecting that there will revenue generation from Kaleshwaram Project Mission Bhagiratha, drinking water schemes.
Before tabling the White Paper, Deputy Chief Minister in charge of Finance Bhatti Vikramarka said Congress party which gave Telangana has the responsibility to inform the people about the present state of financial affairs.
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