FM announces financial support for Amaravati and Polavaram Project

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AMARAVATI, Andhra Pradesh: Nirmala Sitharaman, the Finance Minister of the Government of India, has announced financial assistance for the construction of the capital city of Amaravati and the completion of the Polavaram Irrigation Project for the state of Andhra Pradesh.

The minister announced an allocation of Rs 15,000 crore for the upcoming financial year during the Union budget 2024-25 session. She also mentioned that an additional amount would be provided in the near future.

Asserting that the Bharatiya Janata Party (BJP) – led NDA government has made concerted efforts to fulfill the commitments of the ‘Andhra Pradesh Reorganisation Act’ Sitharaman said, “Recognising the state’s need for capital, we will facilitate special financial support through multilateral development agencies. In the current financial year, Rs 15,000 crore will be arranged, with additional amounts in future years.”

While mentioning the Polavaram Irrigation Project, the finance minister added, “Our government is fully committed to financing and early completion of the Polavaram Irrigation Project. This will facilitate our country’s food security as well.”

Further, the minister announced that funds will be provided for essential infrastructure such as water, power, railways, and roads in the Koparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor.