Finance Minister Nirmala Sitharaman announced a substantial financial package of ₹15,000 crore to support the development of Andhra Pradesh. This funding aims to accelerate the construction of the state’s capital city, Amaravati, and enhance other developmental activities within the state. In her budget speech, Sitharaman emphasized the government’s dedication to fulfilling the commitments outlined in the Andhra Pradesh Reorganisation Act.
Providing Special Financial Support
Recognizing the state’s urgent need for a capital, the government initiated special financial support through multilateral development agencies. This year’s budget allocates ₹15,000 crore, with additional funds promised for future fiscal years. The government remains committed to financing the early completion of the Polavaram Irrigation Project, which is essential for Andhra Pradesh and its agricultural community.
Enhancing Food Security
The completion of the Polavaram Irrigation Project will significantly contribute to India’s food security. Sitharaman highlighted this point while unveiling the Union Budget for FY 2024-25. The project will provide a stable water supply, crucial for agriculture, benefiting Andhra Pradesh’s farmers.
Driving Infrastructure Development
Under the Andhra Pradesh Reorganisation Act, the government will allocate funds for essential infrastructure development. These funds will support projects involving water, power, railways, and roads along the Vishakhapatnam-Chennai industrial corridor and the Hyderabad-Bangalore industrial corridor. This investment will spur industrial growth and create numerous job opportunities in the region.
Investing in Economic Growth
Sitharaman also announced additional funds aimed at capital investment to stimulate economic growth in Andhra Pradesh. This financial support will boost the state’s industrial and economic landscape, providing a significant uplift to its development trajectory.
Supporting Backward Regions
To promote balanced regional development, Sitharaman revealed a backward region grant for three districts in Andhra Pradesh. This grant ensures that less developed areas receive adequate support to catch up with more developed regions, fostering inclusive growth.
Political Collaboration and Development
The allocation for Andhra Pradesh’s development followed the Telugu Desam Party (TDP) joining forces with the Bharatiya Janata Party (BJP) to form part of the National Democratic Alliance (NDA). The coalition government at the Centre, formed in June, committed to supporting Andhra Pradesh’s growth and development through this substantial financial package.
Conclusion
The ₹15,000 crore announcement for Andhra Pradesh signifies the government’s commitment to the state’s development. With focused efforts on building the capital city, enhancing infrastructure, and supporting industrial growth, Andhra Pradesh is poised for significant progress. The collaboration between the central government and state parties underscores a unified approach to fostering development and prosperity in the region.
