The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) has expressed unhappiness over the allocation of fewer funds for the industry in the state Budget 2012-13
, which was presented by Finance Minister Anam Ramnarayan Reddy on Friday.
"The allocation for industry is only Rs. 633 crore as against Rs. 858 crore last year. This amount is meager and much less than what the industry has been demanding, more particularly in the backdrop of Partnership Summit held in January 2012," FAPCCI said, in a statement.
For last several years, the allocation to industry has always been in the range of Rs. 600 crore to Rs. 800 crore despite the fact that the size of the Budget has been growing by 10% to 13% every year, it said. At this rate, the minimum provision for the industry should have been at least Rs. 975 crore, FAPCCI pointed out.
However, it has been brought down to Rs. 633 crore, which is very discouraging to the industry and for industrial development, particularly when large amounts of subsidies/incentives are pending payment for 1 to 3 years, FAPCCI said. (INN)