VIJAYAWADA: Union Minister of State for Finance Pankaj Chaudhary has informed that the Centre released Rs 1,189.79 crore to Andhra Pradesh under the Special Assistance to States for Capital Expenditure scheme in 2020-21 and 2021-22.
In reply to a question raised by YSRC MP V Vijayasai Reddy in the Rajya Sabha, the Union Minister said the Centre, considering the financial stringency faced by States due to the Covid-19 pandemic and due to the fact that capital expenditure has high multiplier effect, which enhances the future productive capacity of the economy and results in a higher rate of economic growth, had launched the scheme in 2020-21.
Funds released to States under the scheme are considered as 50-year interest-free loans. To another question by the YSRC MP, the Centre informed that under the Sagarmala scheme, the Ministry of Ports, Shipping and Waterways has taken up 12 proposals pertaining to the Andhra Pradesh government and the Visakhapatnam Port Trust for financial assistance.
Under the Sagarmala scheme, Rs 412.79 crore was allocated for 2022-23 to provide aid to major ports, non-major ports, State governments, State Maritime Boards, Union Territories and other government agencies in respect of projects aligned to the objective of Sagarmala.
Funds will be released to the implementing agency in three tranches based on the progress of the project, the Union Government added.
Financial aid for 12 port projects
Centre informed that under the Sagarmala, the Ministry of Ports, Shipping and Waterways has taken up 12 proposals pertaining to the AP govt and Visakhapatnam Port Trust.