Following a period of stagnation from 2019 to 2024, Naidu has reinvigorated the Amaravati city project, the new capital of Andhra Pradesh situated along the Krishna River, upon regaining power in the state in 2024
Naidu aims to build a world-class, inclusive and modern urban hub inspired by global cities such as Amsterdam, Singapore, and Tokyo, as per PTI. Pic/ @ncbn
On Friday, Andhra Pradesh Chief Minister N Chandrababu Naidu is set to meet Prime Minister Narendra Modi in New Delhi to extend an invitation for the groundbreaking ceremony of the revamped Rs 65,000-crore Amaravati capital city project, scheduled for May 2.
Following a period of stagnation from 2019 to 2024, Naidu has reinvigorated the Amaravati city project, the new capital of Andhra Pradesh situated along the Krishna River, upon regaining power in the state in 2024.
"The chief minister is meeting the prime minister post lunch to invite him for the groundbreaking ceremony of the renewed Amaravati city project," an official source informed, reported news agency PTI.
Naidu aims to build a world-class, inclusive and modern urban hub inspired by global cities such as Amsterdam, Singapore, and Tokyo, sources stated, reported PTI.
Amaravati was designated as the new capital of Andhra Pradesh following the state's bifurcation in 2014.
According to PTI, the Amaravati Master Plan, crafted by the UK-based firm Foster and Partners, envisions comprehensive development over a 217.23 sq km area between Vijayawada and Guntur towns.
The city is envisioned to be an economic hub for the region and is expected to create 1.5 million jobs, house 3.5 million people, and have a GDP of USD 35 billion by 2050.
Officials said the estimated budget for Amaravati's development works, as arrived in 2024, was about Rs 64,910 crore, with Phase-1 of the project to be completed over the next three years.
Of the project cost, the government of India committed Rs 15,000 crore in financial assistance in 2024 and facilitated World Bank and Asian Development Bank support to the tune of USD 800 million each.
The Andhra Pradesh Capital Region Development Authority (APCRDA) is designing massive branding programmes to attract anchor investors and private sector participation for economic development.
Public-private partnership (PPP) projects are being promoted, and a special purpose vehicle (SPV) is envisioned to meet viability gap funding.
Andhra CM Naidu promotes rapid development through PPP mode
Andhra Pradesh Chief Minister N Chandrababu Naidu has directed officials to promote large-scale development projects through the Public-Private Partnership (PPP) model for accelerated growth.
Naidu said on Thursday that PPP is the most effective path to achieve the Swarnandhra-2047 vision and attract substantial investments into the state's development ecosystem, reported PTI.
"To drive rapid growth through PPP, we must tap every available resource and efficient mineral management is important to get additional revenue," an official press release quoted Naidu as saying.
(With PTI inputs)
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