(File photo) Workers unload cargo from the first vessel to enter the Chinese-funded port in Hambantota, Sri Lanka – AFP

Hyderabad: 

The official announcement regarding setting up of a major port in the state and mentioning Andhra Pradesh’s involvement in the major industrial corridor between Chennai and Bengaluru were some of the positive signs in the Union Budget presented on Thursday.

The Budget also came as a shot in the arm for Chief Minister N. Kiran Kumar Reddy as two of his pet initiatives — legislative backing for spending of funds to SCs and STs under the sub-plan and exclusive women’s banks — echoed in it.

“The Centre is also keen on a sub-plan and provided 25 per cent more funds in the Budget and the state can benefit from this,” finance minister Anam Ramanarayana Reddy said.

AP can recover tax arrears from Centre: Anam

Hailing the Union Budget, state finance minister Anam Ramanarayana Reddy said the state now had the opportunity of recovering arrears of Central taxes of Rs 1,000 crore with the Centre making a provision for payment of arrears with an outlay of Rs 9,000 crore.

“We will get another Rs 5,000 crore towards infrastructure development in the Prime Minister’s package for extremist affected districts and Rs 1,400 crore under the fluoride eradication programme,” he added.

The state’s failure to finalise a location for the new major port reflected in the Budget with the finance minister’s speech mentioning Sagar, the specific location for a similar port in West Bengal, while it merely stated Andhra Pradesh. “We will lag behind in making use of budgetary allocations if we continue to dodge on the location,” a senior official said.

Though Central and state officials had narrowed down on Ramayampet, Tirupati MP Chinta Mohan had come in the way of the Union Cabinet taking a final decision by dashing off a letter to the PM to locate the port at Duggarajupatnam.

Meanwhile, there was some ambiguity on whether the industrial corridor between Bengaluru and Chennai would cover AP.

While Ramanarayana Reddy thanked the Centre for including the state in the corridor, officials said the state’s request to take up the corridor encompassing Chittoor and Anantapur districts was not conceded for the first phase.

The Budget estimates also indicated that state would get Rs 4,000 crore additional income in the next financial year as share in Central taxes compared to 2012-2013.

The state as per revised estimates will get Rs 20,270 crore in the current financial year against a projected Rs 24,132 crore for the next financial year.

source: http://www.DeccanChronicle.com / Home> News> Current Affairs / by DC, March 01st, 2013

Hyderabad :

In an otherwise disappointing Union budget  for the state, AP has a reason to cheer, as three districts of Nellore,Chitoor, and Ananthapuram are included in the Chennai-Bangalore Industry Corridor being developed with the financial aid provided by Japan International Cooperation Agency ( JICA).

The mega project proposed to come up along the Chennai-Bangalore highway  envisages building world class infrastructure to attract investment in the industry sector on the lines of  Delhi-Mumbai Industrial Corridor . And the Centre is obliged include AP in the Corridor thanks to the frantic efforts of the state government. During the Southern Zonal Council meeting in Bangalore last month, Chief Minister N. Kiran Kumar Reddy had requested the Centre to extend the project to  Andhra Pradesh , saying only Chennai-Andhra-Bangalore corridor could unleash economic potential of the region and ensure world class infrastructure,  economic development  and employment generation.

Responding to the budget announcement made by the finance minister P Chidambaram  on Thursday, minister for large industries Geetha Reddy said, “We are happy that AP is included in the industry corridor. And onus lies on us- the state government- now to leverage on the advantage and build industry clusters along the stretch. We would do it with the help of the Union government.”

As per the plan, Krishnapattanam Port in Nellore is included in the Phase-I of the Chennai-Bangalore Industrial Corridor and it would be developed as an alternative port for Chennai and Ennore ports which are burdened by traffic congestion. Geetha Reddy said apart from de-congesting the Chennai and Ennore ports, the up-graded Krishnapatatnam Port would catalyze industrial and economic growth in and around the district.

In the Phase-II, the districts of Chitoor and Anathapur are included along with Nellore where the industrial clusters are planned, and the officials in the department of industry said a detailed report would be prepared in an year’s time. While sectors like manufacturing including automobile and machine tools are in the main focus, some of the non-pollutant industries like IT are on the top priority.

Once the project takes shape, various border towns and cities in the districts will have an opportunity to benefit from the industrial corridor as part of which the Union and state governments are making big plans. Tirupati, Pilaru, Nayudupeta, Gudur and Hindupur are towns to have additional advantage because of the initiatives.

However the industrial captains are bit disappointed, as they were asking for more. Y. Harish Chandra Prasad, Past Chairman, CII AP, and Chairman-Malaxmi Infra Ventures, said the budget announcement was disappointing for AP because the industries were expecting the finance minister to announce Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) connecting Vishakapatatnam and Kakinada, which was not to be.

“There is not much to be cheer about because Krishnapattanam Port is already been developed as the alternative port to Ennore and Chennai in terms of cargo, there nothing new that the finance minister has given bonanza. We would have been happy, if he had PCPIR between Vizak and Kakinada,” Harischandra Prasad said.

Expressing similar sentiment, secretary general of Federation of AP Chambers of Commerce and Industries (FAPCCI), M V Rajeswar Rao said the benefit that AP was going to get from the Industrial Corridor was marginal, as he pegged it at 10 %. “It is not that a great thing has happened to AP. The state would get a marginal benefit provided the state government shows some commitment to provide basic infrastructure like power and water which at the given situation not hopeful,” Rajeswar Rao said.

source: http://www.timesofindia.indiatimes.com / Home> City> Hyderabad / by B V  Shiva Shankar, TNN / February 28th, 2013

New Delhi :

Indian Railways will set up an employees’ training institute at Secunderabad  and strive to fill 1.52 lakh vacancies this year, to add to the “family” of 14 lakh railway employees, Pawan Kumar Bansal announced.

Other key points in his maiden Railway Budget were —

Arunachal Pradesh  has been brought into the railway network for the first time.

Indian Railways is aware of the problems of the IRCTC website, and will create a next generation e-ticketing system by end of this year, Bansal said.

Aadhar can be helpful for Railways in many respect, from booking tickets to tracking pension of rail employees.

Indian Railways will run a special luxury coach with the best of ameneties, named ‘Anubhuti’, with select trains.

Railways is concerned about the safety of women passengers, and has created 4 companies of women RPF personnel for their safety, Bansal said.

Ladies coaches in metros are being accompanied by women RPF personnel.

There has been a reduction in the number of train accidents, even though passenger and freight volumes have increased, Bansal said in his maiden Railway Budget speech.

Indian Railways face mounting scarcity of resources.

“Howsoever high a flight may be, we must remain connected to the ground,” he said.

Pawan Kumar bansal started his speech with the usual homage to Congress leaders. He is the first Congress Railyway Minister  in nearly 17 years and expectations are high from his Rail Budget speech.

Bansal had in January hiked railway fares across the board for the first time in a decade. The decision had met with widespread political criticism.

source: http://www.economictimes.indiatimes.com / Home> News> News By Industry> Transportation / Agencies / February 26th, 2013

Securities and Exchange Board of India Chairman U.K. Sinha today opened its local office in the city as part of its efforts to reach out to investors across the country.

As part of its decentralisation of work to regional offices, the Mumbai-headquartered SEBI is opening new local offices in different regions of the country.

Insurance Regulatory and Development Authority Chairman T.S. Vijayan and SEBI whole-time member Rajeev Agarwal were also present on the occasion.

In August, SEBI had said that it would open five more local offices at Chandigarh, Jaipur, Indore, Patna or Bhubaneswar and Banglore or Kochi in the current fiscal.

The market regulator is looking to strengthen its regional offices since physical proximity of its office to investors and intermediaries would promote deepening and broadening of the securities market.

source: http://www.TheHinduBusinessLine.com / Home> Markets / by PTI / Hyderabad, February 26th, 2013