Hyderabad: The Telangana government is considering seeking international financial aid for the Musi Riverfront Development Project, which is estimated to cost between Rs 40,000 crore and Rs 60,000 crore.
The project, aims to transform the urban landscape of Hyderabad could receive funding from the World Bank or Japan International Cooperation Agency (JICA).
This major initiative was discussed during a high-level review meeting chaired by Chief Minister A Revanth Reddy on Thursday. The meeting was attended by key officials, including Deputy Chief Minister Mallu Bhatti Vikramarka, Revenue Minister Ponguleti Srinivasa Reddy, and Chief Secretary Santhi Kumari. The Union government has also given in-principle approval to provide funds for the Musi project under the Smart Cities scheme.
To ensure the project’s success, the government is exploring additional financial assistance from global agencies. The project is expected to enhance the infrastructure along the Musi River, linking environmental sustainability with urban development.
During the meeting, the Chief Minister also focused on the state’s revenue generation efforts, urging officials to meet the annual revenue targets. The government is working to address a shortfall in revenue from the Registration and Stamps Department, which generated only ₹6,390.38 crore by the end of August, far below the target of ₹58,594.91 crore for the 2024-25 financial year.
While the state’s overall tax revenue for 2024-25 is expected to be ₹1.64 lakh crore, ₹57,722 crore has been collected so far, with GST making up a significant portion at ₹20,500.45 crore in the first five months of the fiscal year.
