AP Chambers Asks Finance Panel To Extend Support To AP Industries

Vijayawada: Following an interactive session with the leaders of the trade and commerce, Andhra Pradesh Chamber of Commerce and Industry known as AP Chambers on Thursday asked Prof Arvind Panagariya, Chairman of Sixteenth Finance Commission to give special consideration to the State for the growth of the industries as well as the economy. AP Chambers president Potluri Bhaskara Rao, who was present at the interaction, requested the commission head to support the development of the industry and the economic progress of the State. AP Chambers requested the Finance Commission to increase the proportion of Central tax revenues in tax devolution to 50 per cent to states like AP, which are industrially backward and economically weak.

The chambers suggested the Union Government extend tax exemptions like CGST and give additional grants for infrastructure development to the seven backward districts of APas mentioned in AP Reorganisation Act.

AP Chambers sought additional tax devolution towards industrial infrastructure development in the State and to liberally grant funds to set up the MSME Parks in all assembly constituencies as envisioned by the State Government. The chambers mentioned AP is mainly an agro-based State and yet there are no Central research institutes such as CFTRI, NIFTEM, etc. to support the industries in providing new technologies for locally available commodities. AP Chambers requested the Finance Commission to allocate funds for the establishment of such institutions/campuses in AP and stated that AP is a major producer of mango, banana, and palm oil and there has been a demand to set up mango, banana and palm boards in the State for many years.