Telangana Government has received some relief in its struggle to raise financial resources to meet its commitments in the last quarter of the current financial year.
The Union Finance Ministry is learnt to have given a go ahead to the State to raise market borrowings of ₹9,000 crore during the January-March quarter enabling it to meet some of its commitments. The permission from the Union Finance Ministry will help the Government to participate in the auction of securities by Reserve Bank of India on January 16 to meet at least part of the commitment. Senior officials said the State has planned to raise ₹2,000 crore during the auction of securities slated next Tuesday.
The Centre’s nod came after Chief Minister A. Revanth Reddy and Irrigation Minister N. Uttam Kumar Reddy called on Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman seeking liberal financial assistance to Telangana which was facing financial problems on account of the “mismanagement” by the previous Bharat Rashtra Samithi (BRS) Government.
