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HYDERABAD, Feb. 23

THE Federation of the Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) has welcomed the increase in budgetary allocation to the industrial sector from Rs 283.52 crore to Rs. 375.18 crores, an increase of 38.51 per cent, but urged the State Government to tone up fiscal management.

This move should augur well for the development of the industry in the State, especially the revival of the manufacturing sector. FAPCCI has been strongly in favour of hike in allocation for the industry sector and the need for the State to embark on a massive industrialisation programme.

However, the budget has not focussed sufficiently on the agriculture sector, it said.

Considering that agriculture is a traditional strength of the State, it is unfortunate that the allocation on irrigation has only registered a marginal increase from 15.87 per cent to 16.54 per cent. In the light of the severe drought last year, this is grossly insufficient, the industry body said in a statement.

On the fiscal front, there is substantial increase in the level of borrowings of the State Government. The borrowings have increased from Rs 49,817 crore in 2002-03 to Rs 57,141 crore in 2003-04. The borrowings at Rs 57,141 crore constitute 31.54 per cent of the GSDP.

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