Funds For Capital Amaravati And More: What TDP-Ruling Andhra Pradesh Got In Budget 2024

Union Finance Minister Nirmala Sitharaman during the Union Budget presentation for the fiscal year 2024-25 has unveiled a comprehensive financial package for Andhra Pradesh.

1) Amaravati Capital City Development

Addressing Parliament on 23 July, Sitharaman detailed the government's plan to allocate special financial support for the development of a new capital for Andhra Pradesh, with Amravati earmarked to become a model capital city.

"Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year, Rs 15,000 crore will be arranged, with additional amounts in future years," stated Sitharaman.  

2) Financial Support For Polavaram Project

The government's dedication to the Polavaram irrigation project was reiterated, with Sitharaman affirming full commitment to its financing and timely completion.

3) Grants For Three Backward Regions

The Finance Minister announced that Rayalaseema, Prakasam and North Coastal Andhra regions would receive a backward region grant, aimed at addressing regional disparities and promoting equitable growth.

4) Industrial Development Funds

The budget also included provisions for essential infrastructure such as water, power, railways and roads in key industrial nodes such as Kopparthy and Orvakal, which are integral to the Vishakhapatnam-Chennai and Hyderabad-Bengaluru industrial corridors respectively.

Furthermore, the budget promises additional capital investment allocations for promoting economic growth of the state.

This comprehensive financial package is seen as a significant step towards fulfilling the central government's commitments to Andhra Pradesh, promising to catalyse the state's development and ensure its prosperous future.