STOCK MARKET BSE NSE

Centre Earmarks Rs 1,000 Crore as Special Funds for Andhra

Published: 25th September 2015 11:51 AM  |   Last Updated: 25th September 2015 11:51 AM   |  A+A-

By PTI

NEW DELHI: The government today said it will provide a special assistance of Rs 1,000 crore during the current financial year for development of Andhra Pradesh.    

The funds will be utilised for the development of backward districts of Andhra Pradesh and creation of its new capital, including the Raj Bhawan, the High Court, the Secretariat, the Legislative Assembly, the Legislative Council, and other essential infrastructure.    

"The central government has announced a further Special Assistance of Rs 1,000 crore during the current financial year 2015-16," a finance ministry statement said.    

This will include Rs 350 crore for development of seven backward districts covering Rayalaseema and North Coastal region, Rs 350 crore for the new capital and Rs 300 crore for Polavaram irrigation project.

The government had in Budget 2015-16 provided tax incentives to the state.     

The Andhra Pradesh Reorganisation Act, 2014, bifurcated the state, with the creation of Telangana taking effect from June 2, 2014.     

"The central government is required to make appropriate grants and also provide adequate benefits and incentives in the form of special assistance to backward areas of the state," the statement said.

Accordingly, Rs 4,403 crore was released to the successor state of Andhra Pradesh during 2014-15, it added.

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp