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Borrowings by Telangana exceeded FRBM mandated limit, alleges Sitharaman

Kamareddy: Union Finance Minister Nirmala Sitharaman during her visit to Telangana on Thursday launched an attack on the K. Chandrashekar Rao-led Telangana Rashtra Samithi government saying the state's overall borrowings were exceeding mandated limit.
Sitharaman also said that child born in Telangana carries a debt of Rs 1.25 lakh each and "we should understand its seriousness" and it was not right to question federal structure when the Centre questions any monetary mismanagement. "You (State Govt) don't show in the budget, you (State Govt) doesn't show in the Assembly, you (State Govt) will take loans outside and will say we will take permission. If we calculate both loans taken from outside and loans taken as per budget that figure is exceeding FRBM limit," Sitharaman told reporters.
Under the Fiscal Responsibility and Budget Management Act, it is the responsibility of the central government to ensure intergenerational equity in fiscal management and long-term macroeconomic stability by removing fiscal impediments in the effective conduct of monetary policy and prudential debt management.
Accordingly, both states and the Centre have to limit fiscal deficit, revenue deficit and debt within pre-determined levels.
"On behalf of Telangana people, I'm requesting with my hands folded to take care of the state and please do what you have to do to the public," she further said.
"Central govt schemes should reach the common public and for that, you should explain them with patience and that is your responsibility. To say that you don't have any right to question us (State govt) is wrong," she said. (ANI)

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