Disproving the Bharatiya Janata Party’s (BJP) repeated claims that Telangana’s financial health was in an uncertain position, figures published by the Reserve Bank of India (RBI) show that the state was actually doing much better than many other states, particularly those ruled by the BJP.
According to the RBI’s most recent Handbook of Statistics, Telangana ranks 11th among all states in terms of outstanding liabilities through the end of March 2022. This is when several BJP-ruled states are among the top ten with heavier liabilities.
The State’s outstanding liabilities, which include internal debts such as various types of bonds, loans from banks and financial institutions, as well as loans and advances from the Centre, are pegged at Rs 3.12 lakh crore at the end of March 2022.
This compares to Tamil Nadu, which has the highest outstanding liabilities of Rs 6.59 lakh crore by March 2022, followed by BJP-ruled Uttar Pradesh with Rs 6.53 lakh crore and Maharashtra with Rs 6.09 lakh crore. Other BJP-ruled states, such as Karnataka, Gujarat, Madhya Pradesh, and Congress-ruled Rajasthan, were also ranked among the top ten states in the country in terms of liabilities.
In terms of interest payable against outstanding debts and liabilities, the Telangana government pays Rs 17,584 crore and is ranked 14th among other states i.e. lower that its liabilities.
“This is because we negotiated with funding agencies and struck a deal for charging lesser interest rates,” an official explained.
According to experts, based on the latest RBI report, Telangana’s financial health was actually green, not red, as BJP leaders predicted.
In 2021-22, the state ranks sixth in state-owned tax revenue with Rs.92,910 crore and first in state-owned non-tax revenue with Rs 30,557 crore. These increased significantly from Rs.29,288 crore and Rs.6,447 crore in 2014-15.
Furthermore, Telangana is the fifth largest state in terms of capital expenditure, with Rs.61,343 crore.
The state is setting new growth benchmarks, with a GSDP (at current prices) of Rs.11.48 lakh crore for 2021-22, up from Rs.5.05 lakh crore in 2014-15, a 127 percent increase, which Sitharaman chose to ignore while accusing the state government of pushing Telangana into a debt crisis.
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