Tuesday, June 25, 2024

Centre okayed spl financial package for AP: Union Min

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PNS | Vijayawada

In a significant development, the Union Ministry of Finance has given its approval to a special financial package for the Government of Andhra Pradesh.

Union Minister of State for Finance, Pankaj Chaudhary, confirmed that the Department of Expenditure, Ministry of Finance, has taken various measures to extend support to the state.

One of the key measures was the release of Rs 10,460.87 crore towards Revenue Deficit Grant for the financial year 2014-15 on May 19, 2023. This grant was disbursed as part of the special package and in response to the request made by the Andhra Pradesh government.

Additionally, the Department of Expenditure, Ministry of Finance offered relief to the Andhra Pradesh government by deferring adjustments related to over-borrowing by the State in previous years.

Furthermore, the special package included additional funding for the Polavaram Irrigation Project, with the Department of Expenditure, Ministry of Finance releasing an amount of Rs 14,970.09 crore for the project up to the given date.

Speaking on the matter, Rajya Sabha member GVL Narsimha Rao expressed his gratitude to the Prime Minister for providing special assistance through the Central government. He attributed this financial aid to Prime Minister Narendra Modi’s special attention to the welfare of the people of Andhra Pradesh.

However, MP GVL Narsimha Rao also voiced his disappointment over the mismanagement of the State’s finances by the Andhra Pradesh government, despite receiving substantial financial support from the Central government.

The special financial package is expected to bolster the economic growth and development of Andhra Pradesh, addressing various fiscal challenges and supporting key projects in the State.

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