In a veiled attack on the previous BRS regime, Telangana Chief Minister A Revanth Reddy on Thursday said his government would not make the mistake of borrowing funds with higher interest rates and impose a heavy burden on people, even as he highlighted his vision to develop Telangana as the 'future state'. In his Independence Day address after hoisting the National Flag at the historic Golconda Fort here, the CM said the government is already making efforts to restructure the state debts and he met with the World Bank President during his recent visit to the US in this regard. "I am delighted to announce that talks with the World bank representatives were cordial over extending financial assistance with low interest rate for state development.
My government will not commit the mistakes of borrowing funds with higher interest rates and putting a heavy burden on people," he said. "The total state debt at the time of formation of Telangana was Rs 75,577 crore and it has increased to Rs 7 lakh crore in December last year. The government released a white paper on state finances and also committed to revitalizing the state economy.
" He alleged that the state's economy was in ruins when the Congress assumed power in the state in December last year. Despite facing financial hurdles, the government is making all out efforts to fulfill the promises made by ruling Congress, he said. Reddy recalled the contributions of former Prime Ministers Jawaharlal Nehru, Lal Bahadur Shastri, Indira .