AP Govt To Set Up Non-Banking Finance Company

Information and Public Relations Minister Perni Venkataramaiah - Sakshi Post

AMARAVATI: The Andhra Pradesh cabinet on Wednesday which met here under the Chief Minister Y S Jagan Mohan Reddy, resolved to establish Andhra Pradesh State Financial Services Ltd, AP State Agriculture Council and AP Green Energy Corporation Ltd.

The proposed AP State Financial Services Ltd will be a non-banking finance company rendering various economic services related to the state, Information and Public Relations Minister Perni Venkataramaiah (Nani) said.

Briefing reporters at the end of the Cabinet meet, Nani said modalities related to the proposed company would be worked out later. "We have just taken a decision to establish the APSFSL. We will come out with other details soon," he added.

The state cabinet also decided to set up three entities to ensure better and effective services to various sectors including Agriculture.

The proposed Agriculture Council would be a supervisory body over the agriculture and horticulture universities and colleges in the state.

The minister said the Green Energy Corporation would undertake generation of 10,000 MW of solar power. An expenditure of a staggering Rs 35,000 crore to Rs 40,000 crore would be incurred on setting up the solar plants and power generation.

"With this we hope to get about 45 million units of power for our state's growing requirements, particularly the agriculture sector. The state is spending Rs 8,300 crore on supplying power free of cost to the farm sector while another Rs 1,500 crore is extended as subsidy to lift irrigation schemes," the minister pointed out.

In another crucial decision, the Cabinet decided to amend the Panchayat Raj Act, to usher in reforms in the elections to local bodies. According to the amendments proposed, anyone found guilty of distributing liquor and cash in rural local bodies election would face disqualification. Besides, they could face a jail term of three years.

This would be applicable in the case of elections to urban local bodies as well. Duration of campaigning would also be restricted to five days and the poll process would be completed in 13 days from the day of notification, the minister said.

The proposed amendment to the PR Act also makes it mandatory for a (panchayat) sarpanch to reside in the same village.

See : Pictures | AP CM YS Jagan Cabinet Meeting With Ministers

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