FTAPCCI welcomes AP Budget
Hyderabad, March 12 (INN): The budget for 2015-16 of Andhra Pradesh set the tone for the development process of various sectors, said the industry-body Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI).
"The GSDP of successor state of Andhra Pradesh shows that Agriculture remained a predominant sector whose share is 27.6% and industrial sector share is only 20.62%. The share of Services sector remained unchanged at 52%. The GSDP growth rate of 7.21% for 2014-15 against all odds reflects the future prospects of attaining double digit growth rate," the FTAPCCI said in a press note here on Thursday.
Despite the devastation caused by the Hudhud cyclone, the growth rates of agriculture, industry and services sectors are encouraging at 5.90%, 5.25% and 8.48% respectively. Fisheries subsector with abundant potential in the state, that grew at 17.3% can be reckoned with creation of large number of jobs and potential revenue earner. The initiative taken by the government to compile Mandal Domestic Product is highly commendable as it results in effective micro-planning, the FTAPCCI said.
Agriculture being the dominant sector deserves a separate budget and we appreciate the government for preparing separate agriculture Budget with detailed comprehensive strategy covering agriculture and allied activities. "We thank the government for considering the debt redemption to handloom and power loom weavers benefitting 20747 weavers and 7748 groups. This gives relief to the depressed textile sector and encouragement," the FTAPCCI said.
The focus on infrastructure development particularly development of sea ports and airports will contribute to rapid industrial progress in future. The allocation to Power sector have to be increased from Rs.4,360 crore, as it will be insufficient to meet the requirements of the sector.
Action plan to develop Vizag-Chennai and Bengaluru-Chennai industrial corridors needs to be speeded up to promote industrial sector in the state. The allocation of mere Rs.637 crore is inadequate and government should give more priority to industrial sector in the Budget allocation. We appreciate the decision of revival of three Academies, Viz. Sangeetha Nataka Academy, Sahitya Academy, Lalitha Kala Academy which leads to art and cultural promotion.
Budget has given balanced allocation to all the sectors, keeping in view the revenue constraints of the government and we appreciate the government efforts at providing allocations to all the aspects of industrial promotion, such as modernization of ITIs, Skill development, entrepreneurship and innovation, infrastructure development etc.,
News Posted: 12 March, 2015
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