Industry associations both national and regional have come out unanimously applauding the central government’s financial assistance assurances for the state of Andhra Pradesh in the recently announced union budget of 2024.

From hailing the allocation of funds for the capital development to funds for the urgent completion of the Polavaram project and the development of Visakhapatnam-Chennai industrial corridors industry has overall welcomed the announcements made by India’s finance minister Ms Nirmala Sitharaman.

‘CII Andhra Pradesh applauds the Union Budget 2024 presented by the Union Finance Minister, Ms. Nirmala Sitharaman. This budget signifies a significant step towards the holistic development of Andhra Pradesh, aligning with the vision of economic growth and infrastructural advancement’ said Dr V Murali Krishna, Chairman, CII Andhra Pradesh.

In her budget the FM had announced a substantial financial assistance of Rs. 15,000 crores allocated for the development of Amaravati, the capital city of Andhra Pradesh and mentioned that more shall follow. 

‘The financial assistance of Rs 15,000 crore allocated for the development of Amaravati, the Capital City of AP, is the major highlight of the budget’ said Mr Ravi Kumar Reddy Kataru, Chairman, ASSOCHAM Andhra Pradesh & Telangana Development Council. 

In addition assurances were made by the FM for 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.

Similarly special Financial Packages were announced for the development of backward areas in Rayalaseema, north Andhra Pradesh, and Prakasam districts in the south. Industrial Incentives: 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. Allocation of funds for the development of the Visakhapatnam-Chennai industrial corridor and the Hyderabad-Bengaluru industrial corridor were also announced. 

These corridors are poised to become major industrial hubs, enhancing the economic landscape of the region.

Simultaneously funds were 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.