Telangana Chief Minister A. Revanth Reddy has urged the Union Government to compensate the state for the projected annual revenue loss of Rs.7,000 crore arising from the new GST rate rationalisation.
“The revised GST structure will severely dent state revenues. The Centre must come forward to safeguard states from such financial setbacks,” the Chief Minister said while addressing Singareni employees on Sunday.
Declaring profit-sharing bonuses for Singareni Collieries employees, Revanth Reddy announced that workers will also receive a special Diwali Bonus this year.
Out of the company’s income of Rs.6,394 crore, Rs.4,034 crore will be allocated for investments, while Rs.819 crore, 34% of the profits, has been distributed as bonuses. Bonuses for contract workers have also been enhanced from Rs.5,000 to Rs.5,500.
“The Telangana government is committed to the welfare of Singareni employees and to strengthening the company as a profit-making enterprise,” the CM assured.
Revanth Reddy also expressed concern over the growing private partnership in Singareni Collieries Company Limited (SCCL), calling it a “serious threat” to the future of the prestigious public sector unit.
He said the state government would urge the Centre to reconsider the allotment of coal mines to private players and to allow SCCL to operate them instead.
Acknowledging the contributions of Singareni workers in the Telangana statehood movement, the CM said.
“The People’s Government honours the sacrifices and services of Singareni employees who stood firmly during the struggle for a separate state.”
He reiterated that the state would continue to back the company’s growth, enabling it to compete with corporate giants in the sector.
Also Read: Kavitha Slams Revanth Reddy Over Almatti Project, Demands Strong Action
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
