Best budget, will benefit Andhra Pradesh: YSR

Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Monday hailed the union budget as the "best in the most difficult times" and said it would greatly benefit his state.

The chief minister congratulated Finance Minister Pranab Mukherjee for presenting a progressive budget and termed it farmer friendly.

YSR, as the chief minister is popularly known, said the budget's focus clearly was on infrastructure and inclusive growth.

He hoped the state would be greatly benefitted by the massive increases in the outlays for various schemes, the interest reduction on crop loans and agricultural credit expansion.

While noting that the finance minister has increased the outlay in the Indian Infrastructure Financial Corporation Ltd, he said the state planned to access the funds from this institution for projects like Hyderabad Metro Rail and the development of ports.

However, opposition parties termed the budget as disappointing. The main opposition Telugu Desam Party (TDP) leader K. Yerran Naidu said the budget lacked direction and was silent on controlling the prices of essential commodities.

The Praja Rajyam Party (PRP) said the country might fall into a debt trap.

PRP leader C. Ramchandraiah said the finance minister announced new schemes and increased the allocation for several programmes but did not specify how the government planned to mobilise funds. He voiced apprehension that the government might go for massive borrowings.

Last updated on Jul 6^th, 2009 at 21:20 pm IST--IANS