Buggana Rajendranath, Minister for Finance, Government of Andhra Pradesh introduced second successive budget in the assembly. The budget attains importance in the present context as the world is facing an unprecedented crisis in form of COVID-19 pandemic.
Commenting on the budget D Ramakrishna, Chairman, CII Andhra Pradesh said that budget focused on inclusive approach to ensure people at the bottom of the pyramid benefit by direct transfers and the investment in infrastructure produces positive economic externalities to growth. The Government social spending would create demand for goods and services in the market.
Infact, the thrust is being given to build a comprehensive and enhanced social security cover for the poor and the needy through multiple interventions under the Navratnalu umbrella is certainly welcome step in the present COVID-19 scenario. Ramakrishna said that investments planned in education, health, social welfare and economic development holds the key to ensuring rapid and quality development of human resources in the state.
Government initiative to undertake the establishment of over 11,000 Dr. YSR Health Clinics at the village and ward level is a commendable one in taking Public health care services to rural areas.
The Government approach to business friendly environment in the state is a welcome step. The Finance Minister recognized the problems of MSMEs and allocated resources to One Time Restructuring (OTR) of MSME loans scheme under an umbrella Dr. Y.S.R Navodayam scheme, which is focused on creating a new ecosystem for MSMEs.
The – RESTART package which was announced by Government includes release of pending incentives of Rs.904.89 crore to 11,238 MSME manufacturing and allied units in two phases, waiver of fixed demand charges against contracted maximum demand for a period of 3 months from April 2020 to June 2020, working capital loans and preferential market access were a great support to industry during COVID-19 crisis.