VIJAYAWADA: The Union Budget 2022-23 is a ‘reform-oriented’ one, promoting digitisation in India, the Andhra Pradesh Chambers of Commerce and Industry Federation said on Tuesday. The AP Chambers, however, felt the Budget was a mixed one for Andhra Pradesh.
“There is no mention of railway zone, industrial corridors and coastal economic zone as part of Sagarmala. There is no announcement to address the State’s deficit finance, funding for Polavaram project, development of backward districts and no allocation for premier institutions in the State,’’ AP Chambers president Pydah Krishna Prasad and president-elect Potluri Bhaskar Rao said.
They, however, said the positive development for Andhra Pradesh was the announcement of linking of Godavari-Krishna rivers and Krishna-Penna projects. “Another positive announcement for AP is the allocation of Rs 1 lakh crore to assist States in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to States. It is supposed to be used for PM Gati Shakti-related and other productive capital investments. But there was no clear mention of how much is allowed for each State,’’ they said.
The Chambers also welcomed the extension of Emergency Credit Line Guarantee (ECLGS) scheme till March 2023 as it will support growth of MSMEs.“We also welcome the second phase of Ease of doing Business (EodB) reforms announced by Finance Minister Nirmala Sitharaman,’’ they said.
Another positive announcement was the additional allocation of Rs 19,500 crore for the solar production-linked incentive (PLI) scheme, which ultimately may bring down solar power costs. AP Chambers also lauded the announcement of the issuance of E-passports.“However, when it comes to AP, the Budget is a bit disappointing as it did not make any industry-specific announcements for textiles, food processing, agriculture, auto components, transport and tourism sectors,’’ they said. The government has also not announced any measures for driving the economic growth based on consumption.