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Telangana stares at worst ever economic crisis triggered by lockdown: KCR
Telanagana is bracing for its worst ever economic crisis under the impact of lockdown which was imposed to contain the spread of deadly coronavirus and save people from losing lives, Chief Minister K Chandrasekhar Rao said on Monday.
Hyderabad: Telanagana is bracing for its worst ever economic crisis under the impact of lockdown which was imposed to contain the spread of deadly coronavirus and save people from losing lives, Chief Minister K Chandrasekhar Rao said on Monday.
Addressing the press at Pragati Bhavan here after a high-level review meeting on measures to contain the virus menace, the Chief Minister said that the state could earn only Rs 6 crore revenues as against Rs 2,400 crore collected in six days time in the normal days.
Government is losing nearly Rs 400 crore to Rs 450 crore revenues per day ever since the total lockdown was enforced in the country.
The State will have to pay Rs 30,000 as principle amount and interest on loans taken from banks every year, he said, announcing moratorium will not alone help to reach the State from the impending financial crisis but also some more measures are required to tackle the situation.
Despite facing economic hurdles, the Chief Minister said, however, his government's first priority is to protect people from infecting the deadly virus. He expressed confident that the State's financial condition will improve once the country is free from the corona pandemic.
Government is already conducting a study on the impact of the lockdown on industrial sector, particularly, job losses. The Union government and the States will take up necessary measures jointly to reinvigorate the economy.
As the State is facing gunny bag shortage after the jute industries stopped production in West Bengal, KCR said that a proposal to set up jute industries in Telangana is under active consideration and prospective investors will be encouraged by offering special incentives.
He spoke to his West Bengal counterpart Mamata Banerjee and requested her to supply gunny bags to stock paddy.
The CM said that the government is already taking all measures to ensure food security for all poor. Government alone is providing free food to nearly 6 lakh people every day. He clarified that there is also no medicine scarcity in the State.
