AP Budget 2013-14 : Industry gets Rs 1,120cr

AP Budget 2013-14 : Industry gets Rs 1,120cr
Highlights

Small enterprises receive Rs 324.87 crore while Rs 218.97 crore goes to medium and large industries ...

Small enterprises receive Rs 324.87 crore while Rs 218.97 crore goes to medium and large industries ind2 Hyderabad: The state government had allocated `1,120 crore for industrial and commerce segments in the Budget 2013-14 presented by Finance Minister Anam Ramanarayana Reddy on Monday. This amount was `250 crore more than what the segment got in the previous budget. Of this allocation, village and small industries will get `324.87 crore towards subsidies and other activities, while medium and large industries will be provided with `218.97 crore for incentives including power subsidy, industrial promotion, etc. "Andhra Pradesh is home for nearly 1.87 lakh industries providing employment to about 29.22 lakh persons. The industries sector contributes nearly 25 per cent of the State Gross Domestic Product. During 2011-12, the growth rate of industries was 7.33 per cent as against the national growth rate of 3.95 per cent," the Finance Minister said in his budget speech. In this budget, the government has made provisions for development of clusters for micro and small enterprises and earmarked `5 crore for setting up biotechnology development fund. To encourage more investments in medium and large industrial sector, the government allotted `48.17 crore for incentives towards general investment subsidy while `134.1 crore for power subsidies. It proposes to construct new building for Commissionerate of Industries with `one crore. To spur the growth of information technology and communication sectors, an amount of `207 crore was earmarked. "AP has emerged as a most preferred destination in the country that provides the right climate for the growth of IT business. The State's contribution to national IT exports currently stands at 12.4 per cent," the Finance Minister explained. The government's plan to add 2,200 MW during the current fiscal is expected to provide some relief to industrial sector which is currently crippled by power cuts. "The total installed power generation capacity is 16,386 MW as on January 31, 2013. AP Genco is targeting for a capacity addition of 2,200 MW during next one year," Reddy said. The budget also extended incentives to the tune of `150 crore to the solar energy sector. The solar energy products which received allocations for incentives included solar photovoltaic laterns, pump sets and water heating systems.
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