Finance Minister Jaitley Assures AP Of Funding Support

Guntur: Union Finance Minister Arun Jaitely has once again promised Andhra Pradesh on funding support for the construction of new capital city Amaravati, while assuring of Rs2.03lakh crore during the first five years. He further said that AP would soon get few more national educational institutions.

Union Finance Minister Arun Jaitely along with Union Minister Venkaiah Naidu, AP Chief Minister N Chandrababu Naidu performed ground-breaking ceremony on AP Core Capital at Lingayapalem near Guntur on Friday.

After performing ground-breaking ceremony on AP Core Capital here at Lingayapalem on Friday, Jaitely appreciated the farmers for supporting the state government in land acquisition.

"I am confident that Amaravati will be a modern capital city for AP. I already promised to provide Rs2.03lakh crore in five years. The Centre released Rs34,000 crore during 2004-2009 to united AP and Rs64,000 crore from 2009 to 2014. But, Prime Minister Narendra Modi-led government is committed on extending Rs2.03lakh crore funding support to AP."

Jaitely further said that the Centre is providing funds in 90:10 ratio to AP as part of the special package. "Andhraites are good entrepreneurs. With farmers' support and new business ventures, AP will further progress in the days to come. The Centre will also work on creating a solution on extending capital gains tax benefit for farmers in case they sell land. The Centre is committed to work hard to bring happiness on the faces of AP people," said Jaitley.

Venkaiah Naidu, Union Minister for Urban Development, said Greater Amaravati will become on the lines of Greater Hyderabad. "The Centre will fulfill all the assurances given in the AP Reorganization Act. AP will attract more business investments as there's no power shortage in state. National highways in the state will be developed at an investment of Rs64,000crore.”

AP Chief Minister N Chandrababu Naidu, ministers and other officials participated in the event.