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No funds for Rythu Bandhu, Dalit Bandhu, Aasara pension
File photo
Centre prevents TS to borrow from financial institutions
Hyderabad: Implementation of the prestigious programmes of the state government like Dalit Bandhu, Rythu Bandhu and Aasara pension scheme hangs in the balance as the Union Government has applied brakes on borrowing from the financial institutions. The schemes have zero funds to be paid to the beneficiaries during May.
The Union Finance Ministry has informed that the state government will not be permitted to seek borrowings and raised doubts on the utilization of the money that was borrowed earlier through the corporations. The central authorities have informed the state recently that all the borrowings taken by the state corporations would also be considered as part of the state debt account.
Top officials said that there are no funds for the three prestigious programmes for this month. The state government is supposed to deposit Rythu Bandhu benefit into the bank accounts of farmers from May onwards for the ensuing kharif season. The monthly Aasara pensions require at least Rs 1,000 crore to pay to all the eligible beneficiaries numbering over 40 lakh in the month of May. For the Rythu Bandhu, the government requires Rs 7,500 crore and another Rs 1,500 crore every month for Dalit Bandhu.
Officials said that the available financial resources generated through the state-owned taxes and GST share would be sufficient to meet the regular expenditure mainly payment of salaries to the government employees, establishment charges and payment of interest rates on the loans taken by the state government.
"The state government has projected to raise Rs 53,970 crore as open market loans in the new financial year.
To meet the growing financial needs, the state Finance department had planned to go for Rs 4,000 crore borrowings every month. The Centre's objection to seek borrowings by the TS government left the state in deep financial trouble.
State Finance department officials blamed the Centre for taking a 'unilateral' decision not to permit the state to go in for borrowings. The threat of stoppage of all welfare and development schemes will be very much there if the Centre did not change its decision by May end. State Finance Secretary K Ramakrishna Rao raised strong objection before the Union Finance officials on the denial of permission to Telangana for borrowings during crisis time.
