Finance Minister Payyavula Keshav presented the state budget on Saturday. One of the major announcements was regarding economic regions in Vizag and Amaravati.
Along with Vizag, economic regions were declared in Amaravati and Rayalaseema. Vizag economic region will have 10 districts and the Amaravati economic region will have 9 districts under it. For Vizag economic hub, Rs 28,000 crore were announced while Rs 30,000 crore were allocated for Rayalaseema Horticulture Hub.
Payyavula said that through various funds, there will be rapid development in Amaravati. He said Rs 57,868 crore was allotted to 97 projects.
Finance Minister Payyavula also disclosed that the Center has started the process of giving legal status to Amaravati during his Budget speech.
The Vizag Economic Region aims to become a $750-800 billion economy by 2047. VER is a 40 sq km coastal stretch from Kailasagiri to Bheemili. It will be a port-led manufacturing and IT Hub which will focus on 7 key growth drivers like green energy, logistics and tourism. The objective is to provide 3 million jobs through 49 projects.
The details of Amaravati ER and Rayalaseema ER are yet to be divulged. The Budget comes as good news to the citizens as the economic regions would mean holistic growth of the state.