He voiced the concern that the Centre's Budget allocations may adversely affect the development of Telangana, which is a progressive state.
KCR, as Rao is popularly known, alleged that the Centre has shown discrimination against Telangana by imposing severe cuts on the funds to be released to the state. He said it was atrocious that the Centre had reduced the ratio of the state in the Central taxes.
He said, in a statement, that there is a danger of having funds scarcity for several welfare and development programmes and schemes in the state.
The Chief Minister, who held a four-hour long discussion with the senior officials on the Union Budget proposals and their affect on the state, noted that it is a constitutional right of every state to have a share in the Central taxes.
"In 2019-20 financial year, Rs 19,718 crore was rightfully due from the Centre to the Telangana but in the revised estimates, it was reduced to Rs 15,987 crore," he said.
KCR alleged that it is a sheer incompetence of the Centre to decrease the ratio of the state in the Central funds. "Reducing the funds to the tune of a whopping 18.9 per cent in 2019-20 clearly demonstrated the Centre's faulty fiscal management. This had adversely impacted Telangana."
( With inputs from IANS )