Budget a significant boost for  development of State: CII AP

The Confederation of Indian Industries (CII), Andhra Pradesh, has applauded the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman. They said that the budget signifies a significant step towards the holistic development of Andhra Pradesh, aligning with the vision of economic growth and infrastructural advancement.
The major highlight of the budget is the substantial financial assistance of Rs 15,000 crore allocated for the development of Amaravati, the capital city of Andhra Pradesh. This immediate support underscores the Central government’s commitment to transforming Amaravati into a vibrant hub of activity and growth. Additionally, the Finance Minister has assured that more funds will be allocated to Amaravati based on future requirements.
The key announcements include urgent allocation of funds for the completion of Phase 1 of the Polavaram major irrigation project, crucial for the agricultural and water management needs of the State. Dedicated financial packages were announced for the development of backward areas in Rayalaseema, north Andhra Pradesh, and Prakasam districts in the south. This initiative aims to bridge the regional development gaps and foster balanced growth.
There is provision of special incentives for establishing industries in Andhra Pradesh, as stipulated in the AP Reorganisation Act, 2024. This move is expected to attract substantial investments and generate employment opportunities.
Funds were allocated for the development of the Visakhapatnam-Chennai industrial corridor and the Hyderabad-Bengaluru industrial corridor. These corridors are poised to become major industrial hubs, enhancing the economic landscape of the region.  Funds were also allocated for the development of infrastructure facilities, including highways, internal roads, water, and electricity, for the Kopparthi and Orvakally industrial estates. These estates form integral parts of the industrial corridors.  Dr V Murali Krishna, Chairman, CII Andhra Pradesh & Managing Director, Mahatma Gandhi Cancer Hospital & Research Institute, expressed his satisfaction with the budget, stating: “The Union Budget is a visionary step towards the comprehensive development of Andhra Pradesh. The substantial financial assistance for Amaravati and the focused investments in industrial and infrastructural development are commendable. This budget not only addresses the immediate needs of the State, but also lays a strong foundation for its future growth.”
GS Siva Kumar, Past Chairman, CII Andhra Pradesh; D Ramakrishna, Past Chairman, CII Andhra Pradesh; Vijay Naidu Galla, Past Chairman, CII Andhra Pradesh; DV Ravindranath, Chairman, CII Vijayawada Zone; Dr V Nagalakshmi, Vice Chairperson, CII Vijayawada Zone; V Sudhakar Chowdary, Past Chairman, CII Vijayawada Zone; S Narendra Kumar, Past Chairman, CII Vijayawada Zone and Dr A Venkataramana, Past Chairman, CII Vijayawada Zone, were present.