Hyderabad: The Telangana government has decided to borrow funds to improve and take up new infrastructures from other countries.
The recent approval of financially strong states to borrow funds directly from other countries by the Union Cabinet has set Telangana to borrow funds from foreign countries for developing new infrastructural projects and improving its infrastructures in many cities since this government’s plan had been pending for over two years for not having enough funds.
The government submitted proposals to the Union Finance to borrow around 80,000 crores from from foreign banks like the BRICS Bank-China, Rabobank, Netherlands etc for construction of skyways, upgradation of the city’s drainage system etc. However, the Union finance minister did not approve his approval so far.
“Being a revenue-surplus state and recording a growth rate of over 15 per cent year-on-year, Telangana state qualifies for availing the Centre’s recent relaxation on foreign loans. This is a positive development for our state. Due to the absence of this relaxation, several infra projects, especially the strategic road development programme in the city, had been pending since two years,” said an official of the finance department, as reported in Deccan Chronicle