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Industry representatives hail budget for its focus on key areas
CII members expressed happiness that critical issues for A.P. like Polavaram project, aid for backward areas in Rayalaseema, north Andhra Pradesh and Prakasam district, and industrial incentives were addressed
CII chairman V. Murali Krishna addressing the media in Vijayawada on Tuesday.
| Photo Credit: GIRI KVS
Representatives of the industry in Andhra Pradesh have hailed the Union Budget, saying that the substantial financial assistance for Amaravati and the focused investments in industrial and infrastructural development are commendable.
The industry leaders pointed out that besides the financial assistance of ₹15,000 crore for Amaravati, the Union Finance Minister Nirmala Sitharaman had promised allocation of more funds for the capital development based on future requirements.
“This budget not only addresses the immediate needs of the State but also lays a strong foundation for its future growth,” said Chairman of the Andhra Pradesh chapter of the Confederation of Indian Industry (CII) V. Murali Krishna, addressing the media after the budget session.
Referring to the key announcements, the CII members expressed happiness that critical issues for Andhra Pradesh like the Polavaram project, special financial packages for development of backward areas in Rayalaseema, north Andhra Pradesh and Prakasam district, industrial incentives as stipulated in the AP Reorganisation Act, 2014, industrial corridor development and allocation of funds for infrastructure development were addressed in the budget.
The members reaffirmed their support in driving sustainable development across all regions of the State.
Past chairmen of the confederation G.S. Siva Kumar, D. Ramakrishna and G. Vijay Naidu, chairman of CII Vijayawada zone D.V. Ravindranath, vice-chairperson of Vijayawada zone N. Nagalakshmi and others were present.
President of Andhra Pradesh Chambers of Commerce and Industry Federation (APCCIF) Potluri Bhaskara Rao said the government was focused on important areas such as agriculture and allied sector, employment generation, skilling, infrastructure, education and health.
“The fiscal deficit target was set at 4.9% of the Gross Domestic Product (GDP) for 2024-25, whereas it was expected to be pegged at 4.5%,” he pointed out, adding: “For the first time since the bifurcation of Andhra Pradesh, the State finds a mention in the Union Budget.”
He said the ₹15,000 crore for Amaravati, assurance on execution of Polavaram, financial support for backward districts, allocations for development of Koparthy industrial node under Visakhapatnam-Chennai Industrial Corridor were welcome steps. However, the Finance Minister did not give out specific financial details, he added.
Support to MSMEs
He lauded the much-needed support to the MSME sector, which he said was in dire straits. Some of the past schemes were re-introduced for MSMEs, Employee Provident Fund (EPF) benefits were announced for employees, Mudra loans were increased from ₹10 to ₹20 lakh and credit guarantee scheme was enhanced up to ₹100 crore, he pointed out.
He said Andhra Pradesh was in need of at least ₹1,00,000 crore as soft loans to develop the State on all fronts. “But there was no announcement regarding this. We also expected the Fiscal Responsibility and Budget Management (FRBM) limits to be increased for A.P., which did not happen,” he said.
AP Chambers treasurer S.A. Naidu, the taxation committee chairman N. Ravi Kishore, and general secretary B. Rajasekhar also spoke.
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Andhra Pradesh
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Vijayawada
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Union Budget