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Relief: FC recommends 22,113 Crores to AP
By: Tupaki Desk | 24 Feb 2015 1:01 PM GMT
Andhra Pradesh state gets some relief finally. Union Finance Minister Arun Jaitley tabled the 14th Finance Commission Report in Parliament today and it recommended that the state should get a bigger helping hand from the center.It has recommended to the Government of India to allocate Rs 22,113 crores to residuary Andhra Pradesh state to meets it financial requirements.
This funds will be allotted to adjust the revenue deficit from spanning of five years i.e from 2015 to 2020.
Andhra Pradesh is currently getting 13000 Crore from Planning Commission and the Finance Commission opined that this help should be increased. For the current financial year, Centre will release Rs 6,609 crores for AP. Remaining amount will be released in different phases. An amount of 4930 Cr for 2016-17, 2230 cr for 2017-18, 3644 Cr for 2018-19, 2499 crores for 2019-20.
Apart from the grants it also suggested the centre to increase AP govt share in the taxes.. As per FC's new suggestion, share of AP in central taxes will be raised to 42 percent . The 14th Finance Commission of India, headed by former RBI Governor Y V Reddy. It has visited the state last year and held meetings with AP chief minsiter and other officials.
Andhra Pradesh Chief Minister N Chandrababu Naidu and Finance Minister Yanamala Ramakrishnudu explained the requirements of the State the current status of various sectors in the wake of the bifurcation of the state.
Andhra Pradesh would be looking at around Rs 3-4 lakh crore in additional allocation of grants for the State during the period between 2015-2020 but on a whole Andhra Pradesh received grants to a tune of Rs 1,41,465 crores. Its counterpart Telangana received Rs 20,167 crores as grants.
This funds will be allotted to adjust the revenue deficit from spanning of five years i.e from 2015 to 2020.
Andhra Pradesh is currently getting 13000 Crore from Planning Commission and the Finance Commission opined that this help should be increased. For the current financial year, Centre will release Rs 6,609 crores for AP. Remaining amount will be released in different phases. An amount of 4930 Cr for 2016-17, 2230 cr for 2017-18, 3644 Cr for 2018-19, 2499 crores for 2019-20.
Apart from the grants it also suggested the centre to increase AP govt share in the taxes.. As per FC's new suggestion, share of AP in central taxes will be raised to 42 percent . The 14th Finance Commission of India, headed by former RBI Governor Y V Reddy. It has visited the state last year and held meetings with AP chief minsiter and other officials.
Andhra Pradesh Chief Minister N Chandrababu Naidu and Finance Minister Yanamala Ramakrishnudu explained the requirements of the State the current status of various sectors in the wake of the bifurcation of the state.
Andhra Pradesh would be looking at around Rs 3-4 lakh crore in additional allocation of grants for the State during the period between 2015-2020 but on a whole Andhra Pradesh received grants to a tune of Rs 1,41,465 crores. Its counterpart Telangana received Rs 20,167 crores as grants.
