PM Modi Highlights the Significance of Vizag Steel Plant for Andhra Pradesh
Click to start listening
Synopsis
On January 17, Prime Minister Narendra Modi emphasized the significant role of the Visakhapatnam Steel Plant in Andhra Pradesh. He announced a substantial equity support of over Rs 10,000 crore and a revival package worth Rs 11,440 crore, aiming to bolster the steel sector and uplift the local economy.
Key Takeaways
- Prime Minister Modi announced over Rs 10,000 crore equity support for the Visakhapatnam Steel Plant.
- A revival package of Rs 11,440 crore was approved for Rashtriya Ispat Nigam Ltd (RINL).
- This support aims to bolster the steel sector and its role in the Aatmanirbhar Bharat initiative.
- Local leaders expressed gratitude for the financial assistance and its impact on the community.
- The decision symbolizes renewed hope for thousands of families depending on the steel plant.
Amaravati, Jan 17 (NationPress) The Prime Minister of India, Narendra Modi, expressed on Friday that the Visakhapatnam Steel Plant holds a significant place in the sentiments of the people of Andhra Pradesh.
The Prime Minister shared on X that during the Cabinet meeting, a decision was made to allocate equity support exceeding Rs 10,000 crore for the plant.
“This initiative reflects the recognition of the steel sector's crucial role in constructing an Aatmanirbhar Bharat,” he remarked.
Previously, Union Minister Ashwini Vaishnaw disclosed that the Prime Minister sanctioned a revival package amounting to Rs 11,440 crore for Rashtriya Ispat Nigam Ltd (RINL), which is the corporate body for the Visakhapatnam Steel Plant. Within the total package of Rs 11,440 crore, a fresh equity infusion of Rs 10,300 crore and the transformation of working capital loans into preferred share capital of Rs 1,140 crore would be included.
The Union Minister conveyed to reporters in Delhi that the Visakhapatnam Steel Plant is a vital steel enterprise in the nation’s overall steel industry.
He expressed optimism that this revival package would address many historical challenges faced by RINL.
The Deputy Chief Minister of Andhra Pradesh, Pawan Kalyan, expressed gratitude to Prime Minister Modi for the financial assistance package.
“The legacy of Amruta Rao and many others who sacrificed their lives for the Visakhapatnam Steel Plant in 1966 remains forever in our hearts. Their sacrifices laid the groundwork for what is not merely a factory but a symbol of pride and identity for the Telugu people,” Pawan Kalyan stated in his post on X.
“Today, the NDA government's decision to allocate a financial package of ₹11,440 crores for the Visakhapatnam Steel Plant is not just a figure; it embodies renewed hope for countless families: every worker who has contributed to the steel industry, every employee who has committed years of service, and every contractor who has supported this plant through various challenges,” the actor-politician highlighted.
The Jana Sena leader thanked the Prime Minister on behalf of the state's populace for his 'unwavering commitment to our state's development, underscoring that your vision of Aatmanirbhar Bharat finds a foundational pillar in our Visakhapatnam Steel Plant.'
Pawan Kalyan also expressed appreciation to Union Finance Minister Nirmala Sitharaman and Union Steel Minister H. D. Kumaraswamy for their 'constant backing, which not only fortifies a plant but also the aspirations of millions of Telugu individuals.'
“We assure the citizens that our state government, led by our esteemed Chief Minister Nara Chandrababu Naidu, will ensure that Visakhapatnam Steel Plant not only survives but flourishes, standing as a testament to Telugu pride in constructing Viksit Bharat 2047. This signifies not just a financial revival but fulfilling a promise forged in the sacrifices of 1966. The spirit of Visakhapatnam Steel endures!” the Deputy Chief Minister added.
Meanwhile, Civil Aviation Minister K. Ram Mohan Naidu expressed thanks to Prime Minister Modi and Chief Minister N. Chandrababu Naidu for the revival package.
The Telugu Desam Party (TDP) leader remarked that this fulfills their electoral commitments. He expressed gratitude to the Prime Minister and the Chief Minister for their 'steadfast support in preventing the privatization of the Visakhapatnam Steel Plant and ensuring its full-scale production resumes.'
“Under your visionary guidance, Andhra Pradesh is poised to reach new heights of advancement and prosperity,” he stated.
Minister of State for Rural Development and Communications Dr Chandra Sekhar Pemmasani also praised the revival package.
He affirmed that the Rs 11,440 crore financial aid from the Centre to the Visakhapatnam Steel Plant represents a milestone investment in Andhra Pradesh's industrial landscape.
He thanked Prime Minister Modi, Chief Minister Naidu, Deputy Chief Minister Pawan Kalyan, and Union Steel Minister H. D. Kumaraswamy for their relentless advocacy for this transformative support.
“This initiative strengthens the vision of Aatmanirbhar Bharat and promotes regional development,” he concluded.
