Indian National Congress (BRS) executive president KT Rama Rao has alleged that the A. Revanth Reddy-led Telangana government, which is reportedly struggling to manage its finances, is planning to mortgage 400 acres of government land to a private lender. The lands, reportedly worth Rs 20,000 crore, are expected to raise Rs 10,000 crore.
In a statement on Twitter, KT Rama Rao accused the government of appointing commercial bankers as intermediaries and agreeing to pay a commission of Rs 1,000 crore. He warned that the move could permanently stunt Telangana's development, discourage new investments and industries, and adversely affect job creation for the state's youth.
Rao highlighted that the two areas selected for home loans – Kokapet and Raidurgam – are hubs of the IT industry. He pointed out that the industrial sector in Telangana has been stagnant for the last seven months with no new investments and existing players also reconsidering their options due to lack of incentives.
“If land is given to industries for political purposes, what will happen to the businesses? How will young people get new jobs?” he questioned.
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