Leader of Opposition in Legislative Council Mohammed Ali Shabbir warned that the show off and insane borrowing of loans would hurt the interest of Telangana State.
Initiating the debate on State Budget for 2016-17 in Telangana Legislative Council on Wednesday, Shabbir Ali accused the TRS Government of being unrealistic in dealing with State's finance.
"Why are you so obsessed with flashy figures like Rs. 1 Lakh Cr. Your tall claims of Telangana being the richest State in India has only caused damage," he said.
The Congress leader strongly criticised TRS Government's decision to borrow huge loans for Mission Bhagiratha, 2BHK Housing and also for establishing power plants.
He said borrowing of Rs. 40,000 Cr for Mission Bhagiratha and Rs. 15,000 Cr for 2BHK Housing in a single year would violate the FRBM norms as both are non-revenue generating projects and there are no returns on capital amount.
He said after the moratorium period of two years, the Telangana State would be forced to spend Rs. 7,000 Cr annually on interest and re-payments of these loans.
He said that the Congress party was not against Mission Bhagarita, 2BHK housing or power projects. But State Government should give a clear-cut picture on its plans on their repayment.
"Whether you will seek Grand-in-Aids from Central Government or increase taxes to pay interest and repay these loans?" he asked.
Shabbir Ali also criticised the TRS Government for burdening the common people with a power tariff hike of Rs. 2,000 Cr and another Rs. 3,000 Cr towards Fuel Surcharge Adjustment.
