Telangana CM Revanth Reddy urges Centre to exempt spending on construction of Young India schools from FRBM limit

Hyderabad (Telangana) [India], September 10 (ANI): Telangana Chief Minister A Revanth Reddy met with Union Finance Minister Nirmala Sitharaman at her office in North Block here on Tuesday, and requested her to extend all kinds of support to the state government to strengthen the education sector.
The Chief Minister briefed the Union Minister about the measures initiated to provide "corporate-style education" to the BC, SC, ST and minority sections, who constituted about 90 per cent in the state, according to a release issued by the Chief Minister's Office.
During the meeting, the Chief Minister said that 105 Young India Integrated Residential Schools are being constructed in 105 Assembly Constituencies. The construction work of the four schools has already started, and tenders for the remaining schools have been finalised. Each school will accommodate 2,560 students, and 2.70 lakh students will get the opportunity to study in all schools in the state.
The Chief Minister also briefed the Union Minister about the requirement of the funds to construct the Young India schools with state-of-the-art facilities, including labs, sports stadium, etc. The total cost of the construction of the schools will be Rs 21,000 crore. Rs 9,000 crores will be spent on providing modern labs and other infrastructure in junior, degree, technical colleges and other higher educational institutions.
To meet the financial requirement for the construction of the residential schools, the CM appealed to Nirmala Sitharaman to permit the state government to constitute a special Corporation to mobilise funds and also exempt it from the FRBM limit. CM Revanth Reddy told the Union Minister that the state government was spending huge funds on the education sector, considering it an investment.
The Chief Minister also requested the Union Minister to allow restructuring of the loans, as the previous government had arbitrarily borrowed loans at high-interest rates, and repayment of loans had become a huge burden on the state government. The union minister responded positively to the CM's requests.
Congress MPs Mallu Ravi, Porika Balaram Nayak, Suresh Shetkar, Chamala Kiran Kumar Reddy, State Finance Principal Secretary Sandeep Kumar Sultania, and Central Projects and Schemes Coordinating Secretary Gaurav Uppal were also present. (ANI)