People from various sections laud budget

Visakhapatnam: People from diverse sections welcomed ‘Budget 2024’ as they opined that it would help Andhra Pradesh march towards growth as several sectors are expected to witness development.

Noting that the budget’s favourable stance towards investors and Andhra Pradesh, Grandhi Rajesh, chairman of Confederation of Indian Industry (CII) Visakhapatnam reiterated the commitment to complete the long-overdue Polavaram project, the allocation of funds for the Visakhapatnam-Chennai-Bangalore corridor and the overall infrastructure budget of Rs11.11 lakh crore, which he said would accelerate economic growth.

Executive director of Sahuwala Cylinders Abhishek Gupta lauded the budget's gender inclusivity, emphasising its focus on employment, housing, and lowering duties for properties purchased by women. He also appreciated the announcement of plug-and-play infrastructure, which will support industry growth. Hailing allocations to agriculture, the finance minister’s promise to priorities to employment and skilling, social justice, manufacturing and services, urban development, energy security, infrastructure, and, research and development, president of Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) Mallikharjuna Rao Kankatala appreciated allocation of Rs15,000 crore to Amaravati capital city, additional funds for completion of Polavaram project and special financial grants for North Andhra, Prakasam district, and Rayalaseema.

He opined that allocation of funds for water, power, railways and roads in Kopparthi, industrial node and developments fund for Orvakal industrial node to Andhra Pradesh will further boost the overall economy of the state and employment creation.

Welcoming the budget 2024-25 past president of Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) CV Atchut Rao mentioned that infrastructure, manufacturing and skilling are the crucial areas for long-term development.

The strategic allocation aims to establish India as a global logistics and manufacturing powerhouse, he observed, adding that the budget accorded importance to providing much needed support to Andhra Pradesh, including establishing capital city Amaravati, early completion of Polavaram project and support for fostering industrial development in the state.

The proposal for multilateral financial aid to develop the new capital city is certain to drive the momentum in construction activity over next few years, he opined.

Speaking on the occasion, Anakapalli MP CM Ramesh appreciated Finance Minister Nirmala Sitharaman for extending support to Andhra Pradesh. “Allotment of Rs.15,000 crore for the development of the capital city is appreciable. Additional funds for completion of Polavaram project, allocation of funds for the Visakhapatnam-Chennai-Bangalore corridor, among others, would go a long way for the development of AP," he stated.

Meanwhile, former secretary to the Government of India, EAS Sarma suggested that the budget should tax big businesses higher to raise additional fiscal resources, rather than underselling CPSEs, cutting down allocations for food security and reducing allocation for rural employment guarantee. Is it not the fact that the Ministry of Finance has gone to such a great length as to hide figures relating to average effective tax rates for companies in different profit slabs show that it would much rather shrink social security cover for low-income, disadvantaged households, than displease big businesses, several of whom are embroiled in the infamous Electoral Bonds Scheme?, Mr. Sarma questioned. CPM leaders pointed out that the state has already become debt-ridden. “For the past 10 years, the Centre has been deceiving the state government. Despite TDP being part of the NDA government, there is not much of use for Andhra Pradesh,” opined K Lokanadham, district secretary of CPM.