"The union budget will enable growth of every sector. Certain measures announced by Union Finance Minister P Chidambaram will benefit Andhra Pradesh," state finance Minister Aanam Ramanarayana Reddy said in a statement.
The state was expected to get Rs 1000 crore in the form of sales tax compensation, for the past two years.
Aanam also thanked the Union Finance Minister for incorporating certain recommendations of the Chaturvedi Committee on revenue sharing between Centre and states.
He also welcomed the Centre's decision to start an exclusive bank for women at the national level.
"Allocation of Rs 3415 crore for agriculture research will help in introduce modern technology in fields.
The move to enhance farm loans to Rs 7 lakh crore in the ensuing fiscal year will benefit farmers," Kanna said.
However, the main opposition Telugu Desam Party (TDP) blamed the UPA government for failing to control the fiscal deficit.
"Despite imposing heavy financial burden on people in one form or the other, the Centre failed to rein in the fiscal deficit. The economic growth rate also fell to five per cent, back to what it was two decades ago," TDP politburo member Yanamala Ramakrishnudu pointed out.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
