Amaravati, Visakhapatnam-Chennai Ind Corridor, and More Awarded Special Packages in Budget 2024

On 23 July 2024, Union Finance Minister Nirmala Sitharaman presented the Budget for FY 2024-25. This year’s Budget focuses on Employment, Skilling, MSMEs, and the Middle Class. Among the key announcements in the Budget 2024, special allocations for Amaravati, Polavaram, and the Visakhapatnam-Chennai Industrial Corridor stood out, reinforcing the Centre’s commitment to the Andhra Pradesh Reorganisation Act.

Funds would be allocated for the development of Amaravati as Andhra Pradesh’s capital, said Nirmala Sitharaman, emphasizing that Rs 15,000 crores would be provided by the Centre in the FY 2024-25.

Earlier, in meetings with the Cabinet Ministers in Delhi, Chandrababu Naidu had sought central assistance for the development of Amaravati and requested an allocation of Rs 15,000 crore for essential infrastructure. The overall cost to construct Amaravati is projected at around Rs 1 lakh crore, with critical infrastructure such as the Raj Bhawan, high court, secretariat, legislative Assembly and Council, and land development potentially costing over Rs 50,000 crore in the next five years.

Additionally, the Visakhapatnam-Chennai Industrial Corridor will also see benefits, as capital investment will be provided for the economic growth of the Kopparthi node, a key part of the corridor.

The notable Polavaram Irrigation Project will also be financed to completion by the Central Government, said Nirmala Sitharaman, as the project is essential for the livelihood of farmers in Andhra Pradesh, and also for ensuring the food security of the entire nation.

The backward regions of Rayalaseema, Prakasham, and North Coastal Andhra Pradesh, will receive grants, as per the Chief Minister’s appeal for the release of central funds pending for agriculture assistance under various schemes.

Funds for essential industrial infrastructure like water, roads, railways, and power will also be provided by the Centre, aligning with the Andhra Pradesh Reorganization Act. It remains to be seen whether the Budget 2024 will address Chandrababu Naidu’s railway infrastructure wishes, which included, support for metro projects in Vijayawada, Visakhapatnam, and Amaravati, a light rail project, and a Vande Bharat train from Vijayawada to Mumbai and New Delhi.

Read also- Budget 2024 highlights: 5 key allocations for Andhra Pradesh by Nirmala Sitharaman

Stay tuned to Yo! Vizag website and Instagram for more city news updates.