Dent On Economy

TS earned mere Rs 6 cr in Apr: CMSays this is against anticipated earnings of Rs 2,400 crore, pitches for economic revival plan

Chief Minister K Chandrashekhar Rao addressing the media on the coronavirus pandemic, at Pragathi Bhavan on Monday. IT and Industries Minister KT Rama Rao is also seen.

State Bureau

Hyderabad

Chief Minister K Chandrashekhar Rao, expressing concern over the dwindling revenue due to the ongoing lockdown, said the State was determined to revive the economy in a few months once the situation improves and the spread of coronavirus is checked.

Addressing the media here on Monday, the Chief Minister said the State’s earnings during the first six days of April was a mere Rs 6 crore, against anticipated earnings of Rs 2,400 crore, indicating the huge dent to the State exchequer due to the corona lockdown.

The Chief Minister urged Prime Minister Narendra Modi to convene a meeting of all the Chief Ministers and experts in finance to prepare the nation to face the post-lockdown situation financially.

“I have gone through an article written by a former RBI Governor who advised the nation to prepare a revival plan,” the Chief Minister said and pointed out that the State would demand a deferment of Rs 30,000 crore debt service burden from the Central government.

Chandrashekhar Rao also said the State, which would have to forgo revenue further if the lockdown is extended, would also have to wait for the Rs 12,000 crore of tax devolution that it was supposed to receive from the Centre. “The financial trouble is not just limited to Telangana, the whole nation will have to face it in the coming months. There are certain sacrifices that States will have to make in the larger interest of the nation,” the Chief Minister said, adding that despite the problems on the financial front, the State was ensuring that no one goes hungry.

The Chief Minister, who responded positively to industries that have been shut down due to the fear of the spread of Covid-19, said the government would consider the plight of the industrial workers in the State and possible incentives for industries once the lockdown is lifted.