Andhra govt to pool funds worth Rs 1,000 cr for 'Navaratnalu' under new initiative
By News Minute 04-Nov-2019
- 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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