The Sunrise State of India, Andhra Pradesh’s new capital Amaravati got an unexpected surprise and a special mention in the Union Budget 2017-18 presented by Atun Jaitley in parliament.
Here are the 10 things you should know about it:
1. Andhra Pradesh is the first state in the country to come up with an innovative land pooling mechanism where both the farmers get benefited and become a part of the development of the region their lands are in.
2. Land Pooling is an innovative model introduced in Andhra Pradesh state by the Chief Minister Chandrababu Naidu in which Land owners get back 30% of the land given in the same area and the remaining area is used for the development making it the most inclusive model.
3. 33,000 Acres of land was voluntarily given by the Farmers in the first of its kind initiative.
4. Chief Minister promised that the farmers who came forward to help build the Green Field capital Amaravati, will be the primary stake holders in the development of the Capital.
5. Prime Minister Narendra Modi has laid the foundation stone for the Amaravati, India’s latest capital on October 22nd, 2015 and promised all the support to Amaravati.
By Narendra Modi – PM lays foundation stone of Amaravati, CC BY-SA 2.0, Link
6. Land Pooling Policy is studied and planned to be adopted by many other states after the huge success of it in Andhra Pradesh.
7. In the Union budget, Finance Minister Arun Jaitley has granted a Exemption on Capital Gain Tax for those who have given Land in the Innovative Land Pooling mechanism.
8. In the words of the Finance Minister
“The new capital for State of Andhra Pradesh is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act. I propose to 1exempt from capital gain tax, persons holding land on 2.6.2014, the date on which the State of Andhra Pradesh was reorganised, and whose land is being pooled for creation of capital city under the Government scheme.”
– Arun Jaitley in Union Budget 2017 Speech.
9. A total of 32,221 Acres of land has been pooled so far from 25,614 Farmers.
A total tax benefit of 4,644 Crores will be gained by the Amaravati Capital land pooled farmers.
Each farmer on an average gaining a tax benefit of around 18 Lakh Rupees.
10. Amaravati Farmers have celebrated this new by fire crackers and sharing sweets. They thanked the State and Union governments for respecting their sacrifice and helping them.
Watch the Announcement in the Union Budget Here: