Budget 2024: Finance Minister announces special financial support to Andhra Pradesh, Rs 15000 cr allocated for Capital
Jul 23, 2024
New Delhi [India], July 23 : Finance Minister Nirmala Sitharaman has announced that the central government recognises Andhra Pradesh's need for capital and will arrange Rs 15000 crore for the building of the state capital Amravathi in the current Financial Year.
"Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognizing the state's need for capital, we will facilitate special financial support to multilateral development agencies. In the current FY, Rs 15000 crore will be arranged, with an additional amount in future years," Sitharaman said in her Budget speech in Parliament on Tuesday.
The Finance Minister also stated that the central government is committed to financing and early completion of the crucial Polavaram project in Andhra Pradesh as it facilitates food security in the country.
"Our government is fully committed to financing and early completion of the Polavaram irrigation project, which is the lifeline for Andhra Pradesh and its farmers. This will facilitate our country's food security as well," Sitharaman said.
On providing funds for the development of essential infrastructure in the state, Sitharaman said, "Under the Andhra Pradesh Reorganisation Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads."
The Finance Minister also announced additional allocation for capital investment on the Visakhapatnam-Chennai Industrial Corridor and the Hyderabad Chennai Industrial Corridor.
"In the Koparthy node on the Visakhapatnam-Chennai Industrial Corridor and the Orvakal node on the Hyderabad Chennai Industrial Corridor, an additional allocation will be provided this year towards capital investment for economic growth," she said.
Sitharaman also acknowledged the need for giving grants to backward regions in the state as stated in the Andhra Pradesh Reorganisation Act.
"Grants for backward regions of Rayalseema, Prakasam, and North Coastal Andhra as stated in the Act will be provided," she said.
The big-scale announcement in the Budget comes at a time when the National Democratic Alliance has been recently elected to power in Andhra Pradesh, with the Telugu Desam Party being a crucial alliance partner in the government both at the state and the Centre.
