Trust the Andhra Pradesh government to surprise all by ‘creating’ money despite crying showing deficit budget.
In a latest instance that surprised many, the Andhra Pradesh government has released a huge amount of money to clear incentives dues to various industrialists who have or set up shops in Andhra Pradesh.
Usually, a specific amount is set aside within the budget for industrial incentives. In the past, the amount went up to Rs 150 crores. However, after bifurcation and with many teething financial troubles, Andhra Pradesh government has released a whopping Rs 2060 crores to clear incentives dues to various big industrialists.
According to a story published in a popular newspaper, industrialist Mandava Prabhakar Rao who owns Nuziveedu Seeds was given Rs 47 crores while Minister Prattipati Pullarao was given Rs 10 crores.
But it was not just TDP-supporting industrialists who got monies, industrialists from YSRCP were also cleared their ‘dues’.
MP SPY Reddy who contested on YSRCP ticket and then jumped into TDP was given Rs 25 crores while president of cement lobby Dalmia was given back Rs 71 crores.
Similarly, Vanka Ravindranath who contested in Narsapuram on YSRCP ticket was given back Rs 6 crores while ex minister TG Venkatesh’s industries were allocated Rs 25 crores.
Though the news has clearly surprised many in political circles, AP Finance Minister Yanamala Ramakrishnudu maintains that clearing incentive dues was critical to instill confidence within the investor community.
