The union government has proposed financial support of Rs 15,000 crore for Andhra Pradesh in fiscal 2025 from multilateral agencies.
While delivering her union budget speech on Tuesday, Union Finance Minister Nirmala Sitharaman said that this was being done keeping in mind the state's need for a capital under the Andhra Pradesh Reorganisation Act.
"We will facilitate financial support through multilateral agencies. In the current financial year, Rs 15,000 crore will be arranged, with additional amounts in future years," Sitharaman said. "Our government is fully committed to financing and early completion of the Polavaram irrigation project."
The Polavaram project, which is the lifeline for Andhra Pradesh's farmers, will facilitate India's food security as well, she said.
Under the Andhra Pradesh Reorgnisation Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads on the Vishakhapatnam-Chennai industrial corridor and Hyderabad-Bengaluru industrial corridor.
Grants for backward regions of Andhra Pradesh will also be provided as stated in the act, Sitharaman said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
