As expected, the Narendra Modi government has announced a huge financial assistance to Andhra Pradesh as part of the Union budget for 2024, which was presented in Lok Sabha by Union finance minister Nirmala Sitaraman on Tuesday.
Announcing a big bonanza for Andhra Pradesh, Nirmala said the Centre would extend all possible help to the state as part of financial restructuring and infrastructure development.
The major announcement made by Nirmala in the budget was an immediate financial assistance of Rs 15,000 crore for the development of capital city of Amaravati in the current financial year.
“Depending on the requirement, more funds would be allocated to Amaravati,” she said.
Another major announcement made by Nirmala was the urgent allocation of funds for the completion of phase-I of Polavaram major irrigation project, which she described as the lifeline of Andhra Pradesh.
She said the project was very important for the farmers and providing food security to the people of Andhra Pradesh.
“We shall make efforts for the completion of the project at the earliest,” she said.
Nirmala also announced a special financial package for the development of backward areas of Rayalaseema and north Andhra districts, besides the south Andhra district of Prakasam.
The budget also made provision for providing special incentives for the establishment of industries in Andhra Pradesh, as promised in the AP Reorganisation Act, 2024.
She also announced allocation of funds for the development of Visakhapatnam-Chennai industrial corridor and Hyderabad-Bengalur industrial corridor.
“Funds have been allocated for the development of infrastructure facilities like highways, internal roads, water and electricity for Kopparthi and Orvakally industrial estates as part of these two industrial corridors respectively,” she said.
