Gulte News
The NDA-led government of Andhra Pradesh has presented the budget in the assembly session last afternoon and here is a look at the prospects in store for the buzzing capital region, Amaravati.
For the first time after a while, Amaravati saw a sizeable allocation in the state budget as the government allocated Rs 3445 crore for the capital region.
Of the mentioned budget, Rs 3000 crore will go towards development of basic social infrastructure in the capital region. Rs 400 crore will go towards remittance of interests for Amaravati farmers who gave their lands for capital development. Rs 32 crore will go towards the Amaravati Smart City project while the remaining Rs 13 crore is for the facilitation of the AP High Court building here.
This adds to the existing funding of Rs 15,000 crore from the World Bank and another Rs 12,000 crore from HUDCO. Related high end-meetings were held in Delhi yesterday and the transaction aimed at funding the Amaravati project is projected to go on very smoothly.
The upcoming phase of Amaravati development will need Rs 50,000 crore, as proposed by the CRDA. While Hudco and World Bank are funding Rs 27,000 crore, the rest is to be raised by the state government(including Rs 3445 Cr budget allocation), along with support from the center, additional loans and bonds.
After reeling in darkness from 2019 to 2024, Amaravati is witnessing brisk development now with the NDA government proactively taking up the capital project.
