The Revanth Reddy-led government in Telangana, which had already accumulated a debt of around Rs. 77,000 crore, is poised to take on an additional loan of Rs. 500 crore. The State Finance Department has issued bonds worth Rs. 500 crore, which will be auctioned by the Reserve Bank of India (RBI) on September 17.
To date, the Congress government in Telangana has accumulated a debt of Rs. 46,118 crore by selling bonds. With this new loan, the total debt raised through bonds will rise to Rs. 46,618 crore.
Earlier in the month, the state secured Rs. 2,500 crore on September 3 and Rs. 1,500 crore on September 10, totaling Rs. 4,000 crore in just over a week.
Each month, the government typically borrows between Rs. 5,000 and Rs. 6,000 crore through bond auctions. In addition, the Congress government has taken around Rs. 29,000 crore in loans through various corporations. Overall, Revanth Reddy has accumulated around Rs. 77,000 crore in debt in just nine months.
The Congress party, which assumed power with tall promises, is now heavily reliant on debt. Ironically, the Congress party, which criticized the previous BRS government for its borrowing, is pushing Telangana into a debt trap without undertaking any major infrastructure projects or fulfilling any welfare promises.