Developing Amaravati capital region is a major challenge before Chief Minister N Chandrababu Naidu. Particularly he is worried about mobilization of funds. Amaravati Capital project needs at least Rs 50,000 crore. However, it will be difficult to mobilize loans as the state government is locked up in a severe debt trap.
Though the Narendra Modi-led government at the center is dependent upon TDP’s crucial support for its survival, past experiences may not give much hope to get liberal financial assistance from them. Finance Minister Payyavula Keshav urged union finance minister Nirmala Sitharaman last week to allocate Rs 15,000 crore for Amaravati capital in the forthcoming budget. But he is unable to get any positive signal.
Keeping in view of these realities, Chandrababu Naidu is said to be exploring avenues to mobilize funds from private organizations and individuals. He is thinking of encouraging NRIs to participate in large numbers in fundraising.
As a part of it, it is known that an American NRI belonging to the Telugu Desam Party is expected to be entrusted with the responsibility of collecting funds. At the same time, the government hopes to hold talks with organizations from Singapore and the USA as well as many other countries.
Along with these, it has decided to ask many software companies to open their offices in the capital region. For these two, a committee will be constituted as soon as possible under the leadership of Municipal Administration Minister Narayana.
Earlier, Chandrababu Naidu had allocated a site at Rayapudi for APNRT building in Amaravati. Through that also it is known that the focus is now on fundraising. CRDA has already prepared the details of companies related to investments.
A plan is being prepared on when, how and where to hold discussions with the respective organizations. On the other hand, the CRDA officials will give a report on the current situation in the capital region in the next ten days. Later it is known that the hunt for funds will be started.
When the YCP government came to power, tenders were called for works worth Rs. 15,000 crores. Out of these works worth about Rs 9000 crores have started. Some have been completed. Some are stuck in the middle. Now it is expected that at least Rs 10,000 crores will be needed immediately to complete the unfinished projects in Amaravati or to start new works.
