Finance Minister Announces Rs 15000 Crore for Andhra Pradesh's Capital Development

Finance Minister Nirmala Sitharaman announces Rs 15000 crore in the current fiscal year for building Amaravati, Andhra Pradesh's capital. The central government commits to completing the Polavaram project and further infrastructure development under the Andhra Pradesh Reorganisation Act.

Finance Minister Nirmala Sitharaman has announced a significant financial package to support Andhra Pradesh's capital development. In her Budget speech on Tuesday, Sitharaman stated that Rs 15000 crore would be allocated for the construction of Amravathi within the current Financial Year.

'Recognising the state's need for capital, the central government will facilitate special financial support to multilateral development agencies. Rs 15000 crore will be arranged this fiscal year, with additional funds allocated in the future,' Sitharaman noted.

The announcement also covered the government's commitment to the swift completion of the Polavaram irrigation project, which is crucial for Andhra Pradesh's agriculture and food security. 'Our government is dedicated to the early completion of the Polavaram project, ensuring it aids both the state and the nation's food security,' Sitharaman remarked.

Furthermore, under the Andhra Pradesh Reorganisation Act, the Finance Minister pledged financial resources for essential state infrastructure, including water, power, railways, and roads. Additional funds were also announced for capital investments in the Visakhapatnam-Chennai and Hyderabad-Chennai Industrial Corridors.

'This year, extra allocations will be provided for the Koparthy node on the Visakhapatnam-Chennai corridor and the Orvakal node on the Hyderabad-Chennai corridor to boost economic growth,' Sitharaman said.

Moreover, grants will be given to backward regions within Andhra Pradesh, such as Rayalaseema, Prakasam, and North Coastal Andhra, as specified in the Andhra Pradesh Reorganisation Act.

(With inputs from agencies.)