Revanth inaugurates CREDAI Property Show, pushes for Rs 2 lakh crore debt restructuring

metro india news  I hyderabad

Telangana Chief Minister A. Revanth Reddy on Friday stated that he was trying with Centre to restructure the state's staggering Rs 2 lakh crore debt, inherited from the previous government, at a lower interest rate and extended tenure to alleviate the severe economic crisis. Speaking at the inauguration of the CREDAI Property Show in Hyderabad, the CM highlighted how the high-interest loans have crippled the state's finances, emphasizing the need for central intervention to enable sustainable growth.

He revealed that through persistent efforts, his administration has already successfully restructured Rs 26,000 crore in loans from financial institutions, reducing the interest rate from 11.5% over 12 years to 7.5% over 35 years. "This has provided significant fiscal relief," Revanth said, adding that similar restructuring for the remaining debt—potentially at 7.5% for 35-40 years—would free up resources for welfare and development. 

He criticized past rulers for borrowing irresponsibly, including Rs 70,000 crore under the Kaleshwaram project, and noted his frequent Delhi visits to secure clearances, contrasting it with the previous regime's misuse of the CM's official residence as a "farm house."

In his address, Revanth underscored the government's commitment to transparent policies and construction as twin engines of growth, urging realtors not to fall prey to opposition propaganda that creates misconceptions about development initiatives. He warned that such doubts could harm businesses and the state's progress, stressing that political differences should not derail investments.

"The government's role is not just to protect investments but to ensure they yield profits," he asserted, inviting local investors to prioritize Telangana while assuring first preference over global ones. Drawing from Hyderabad's rich history, the CM traced the city's evolution from Quli Qutub Shah's era to modern contributions by leaders like N. Chandrababu Naidu's Hi-Tech City and Dr. Y.S. Rajasekhar Reddy's Outer Ring Road (ORR), emphasizing policy continuity despite regime changes.

Revanth outlined an ambitious vision to transform Hyderabad into a "Great City" that would be remembered for centuries, building on these legacies. "I hail from a middle-class background with common sense and dedication—I work 18 hours a day to develop Telangana," he said, positioning himself as a young, energetic leader committed to the state without corrupt intentions.

"I am not one to loot and flee abroad; my mindset is to adjust within means and respect society." Key infrastructure plans include expanding the Metro Rail to areas like Shamshabad Airport, Shamirpet, Medchal, Hayathnagar, and connecting high-density zones for last-mile connectivity; constructing a 360-km Regional Ring Road (RRR) with radial roads linking ORR; developing additional airports in Warangal and Adilabad; and establishing a Dry Port on a Greenfield highway linking Hyderabad to Amaravati.

The CM defended the Hyderabad Disaster Response and Asset Protection Agency (HYDRAA) for reclaiming encroached water bodies, clarifying it aims to prevent flooding and pollution, not disrupt legitimate developments. He lambasted the previous government for neglecting Metro expansion, which could have eased traffic woes, and announced a mega master plan dividing Telangana into core urban, semi-urban (industrial/service sectors), and rural (agricultural) zones for balanced growth. Revanth highlighted efforts to enhance water connectivity from Godavari and Krishna rivers, power infrastructure, and drainage systems to support mass development in and around the ORR where there is a scope for satellite townships.

Revanth emphasized inviting global investments from countries like the US, Singapore, Japan, and South Korea, while prioritizing local reality and infrastructure experts and firms. "Let's dispel doubts and build a world-class city together—Telangana means business, with security and profits for investments," he stressed, congratulating CREDAI organizers and reiterating his resolve to compete with cities like Tokyo and Singapore through transparent, encouraging policies.

On allegations that he is amassing wealth, he said several predecessors accumulated wealth but had to leave everything behind. Don’t I know its futility? He quipped.