Centre announces Rs 850 crore surprise package, tax sops to Andhra Pradesh
The Centre on Wednesday approved Rs 850 crore development package and adhoc support to Andhra Pradesh as also tax sops to help the state attract investments in the industrial sector. Under the Andhra Pradesh Reorganisation Act, 2014, the Centre is committed to support state, providing special development package to backward areas and Rayalaseema and North coastal region of the state. "It has now been decided that funds amounting to Rs 350 crore (@ Rs 50 crore per district) in seven Backward Districts of Andhra Pradesh may be provided to Government of Andhra Pradesh during 2014-15 for its development activities," the Finance Ministry said in a statement. It further said an inter-ministerial Joint Committee, constituted by Home Ministry, is also taking stock of the situation of the state government to make recommendations to bridge the likely resource gap in the Central Budget 2014-15. "However, an adhoc support of Rs 500 crore for current financial year will be provided t...