CM Revanth seeks Sitharaman’s nod for restructuring

New Delhi/Hyderabad: Chief Minister A Revanth Reddy on Tuesday urged Union Finance Minister Nirmala Sitharaman to extend every possible support to the Telangana government as it bids to strengthen the education sector towards which it has already introduced revolutionary changes. He also sought the FM to restructure loans borrowed with huge interest rates by the previous BRS government. This measure will rescue the state from mounting loan burden.

During a meeting with Sitharaman, the Chief Minister briefed her about the measures initiated to provide corporate-style education to BC, SC, ST and minority sections, who together constituted about 90 per cent of the state population. To meet financial requirements for the construction of Young India Integrated Residential Schools (YIIRS), the CM urged the Centre to permit the state government to constitute a special corporation for mobilising funds and exempt them from the FRBM limit.

Reddy told the Union Minister that the state government was spending huge funds on the education sector considering it as an investment. The total cost of the construction of the schools will be Rs 21,000 crore. Around Rs 9,000 crores will be spent on providing modern labs and other infrastructure in junior, degree and technical colleges and other higher educational institutions. YIIRS are being constructed in 105 Assembly Constituencies. Construction work of four schools has already started and tenders for the remaining schools have been finalized.

The Chief Minister requested the Union Minister to allow restructuring of loans as repayment of loans taken by the BRS government at exorbitant rates had become a huge burden on the state government.The union minister responded positively to the Chief Minister’s requests.