VIJAYAWADA: CII Andhra Pradesh and AP Chambers welcomed the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman on Tuesday. CII AP Chairman V Murali Krishna termed the budget a significant step towards the holistic development of Andhra Pradesh, aligning with the vision of economic growth and infrastructural advancement. “The substantial financial assistance of Rs 15,000 crore allocated for the development of Amaravati, the Capital City of AP, is the major highlight of the budget. This immediate support underscores the Centre’s commitment to transforming Amaravati into a vibrant hub of activity and growth,” he opined.
Additionally, the Finance Minister has promised more funds for the development of Amaravati based on future requirements. “The Union Budget is a visionary step towards the comprehensive development of AP. The substantial financial assistance for Amaravati and the focused investments in industrial and infrastructural development are commendable. This budget not only addresses the immediate needs of the State but also lays a strong foundation for its future growth,” he highlighted.
Congratulating Nirmala Sitharaman for presenting the Union Budget for a record seventh time, AP Chambers President Potluri Bhasakara Rao said, “The Indian economy has been on a growth path for the past few years, and even the income tax and GST collections have been increasing steadily. The Union government has focused on important areas such as agri and allied, employment generation, skilling, infrastructure, education and health.”
Apart from allocation of Rs 15,000 crore for the development of Amaravati and to take steps for the early completion of Polavaram Irrigation Project, the Finance Minister announced financial support for the growth of eight backward districts in AP, including the newly added Prakasam. “The budget has provided the much-needed support for the MSME sector, which is in dire straits. Some schemes for MSMEs have been reintroduced, EPF benefits to employers have been announced, Mudra loan limit has been increased from Rs 10 lakh to Rs 20 lakh, and the credit guarantee scheme has been increased up to Rs 100 crore,” he explained.