Telangana Govt Acts To Rescue Hyderabad Metro From Mounting Losses Since Covid19 Pandemic
Telangana Chief Minister (CM) K Chandrashekar Rao said that the state government would explore the possibilities of helping Hyderabad Metro, the largest Public-Private Partnership (PPP) project in the Metro rail sector, as it was in heavy losses due to low ridership because of the Corona pandemic.
The CM assured the L&T higher officials that the government would support the Hyderabad Metro Project and help it be back on track.
The L&T higher officials had a meeting with the CM at his official residence on Tuesday (14 September), requesting that the state government support the Hyderabad Metro.
The L&T officials discussed the financial losses of the Metro, Bank loans repayment, the mounting interest and urged the government to come to their rescue.
“For Hyderabad, which is growing day by day, metro rail services are very necessary and there is a need to expand the metro services in the future. It is regrettable that the Corona Pandemic situation forced the Metro Rail project into a financial crisis and it was made to pay compound interests. The state government would come to the rescue of the prestigious Hyderabad Metro project as it did for other sectors,” the Chief Minister said.
He said the state government would examine the possibilities. Following the public needs, the government has to make out of the box decisions during difficult times like the Corona pandemic situation.
The CM said measures would be taken not only to support Hyderabad Metro but also to rejuvenate it. To study the matter extensively, the CM said a high-level committee would be formed.
Municipal Administration Minister KT Rama Rao, R&B Minister Vemula Prashanth Reddy, Government’s Chief Advisor Rajiv Sharma, Chief Secretary Somesh Kumar, CM Principal Secretary S Narsing Rao, Finance Special Chief Secretary Ramakrishna Rao, MA&UD Spl Chief Secretary Arvind Kumar, Principal Secretary (Industries) Jayesh Ranjan are made part of this high-level Committee.
The CM has instructed the Committee to submit its report shortly on saving Hyderabad Metro from incurring losses after thoroughly studying all the aspects.
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