Andhra govt to pool funds worth Rs 1,000 cr for 'Navaratnalu' under new initiative

AP government led by CM Jagan is planning to raise around Rs 1,000 crore via contributions from different sources, under an initiative dubbed 'Connect-to-Andhra'.
Funds that are obtained in this manner will be utilised mainly for the 'navaratnalu'; a list of nine welfare schemes which Jagan had promised before elections.
Reports say that the state government may set up a 'Section 8 company' for the purpose, under the Companies Act, 2013.
Additionally, the YSRCP government is also attempting to bring in phased prohibition for Andhra Pradesh, which will decrease the excise revenue that the state receives.
Rough estimates for the nine welfare schemes at anything close to Rs 60,000 crore, which will heavily burden the already fragile exchequer.

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