By Desaraju Surya
AMARAVATI: The upcoming capital city of Andhra Pradesh, Amaravati, is set to attract investments to the tune of 2,898 million US dollars, amounting to about Rs 24,630 crore, in the initial phase.
The investments, both from government and private sources, will come into ten different sectors and propel economic growth of Amaravati over the next four to five years.
The Chandrababu Naidu-led government is seeking to forge strategic external partnerships to shape Amaravati into a world-class city.
The investments will be in tune with the government’s vision of making Amaravati one of the happiest cities with highest standards of livability, infrastructure and a thriving economic environment.
Education sector is projected to attract the largest investment (28 per cent) of 825 million USD, followed by the information technology sector (20 per cent) with 588 million USD.
The Quantum Valley, touted to become India’s first, in collaboration with IBM and IIT Madras, and the Amaravati Deep Tech Research Park in partnership with IIT Madras, the University of Tokyo and Purdue University will attract major investment in the IT sector and create largescale employment, besides opening up avenues for research.
These major interventions are expected to place Amaravati on the world map.
The Government of India will invest 535 million USD (18 per cent) primarily on building its infrastructure in Amaravati.
Health care sector comes next with 471 million USD, followed by the hospitality sector with 279 million USD.
The Government of Andhra Pradesh, several major banks, schools and spiritual institutions will be among the other investors in Amaravati.
To position Amaravati’s growth on the right trajectory, the state government is seeking to further its collaboration with Singapore for development of resilient infrastructure and effective management of urban assets like roads, public transport, water, drainage, solid waste and public spaces.
The AP-Singapore partnership will also work out strategies to attract investments, foster entrepreneurship and create a conducive business environment in Amaravati.
Monetising (identified surplus) land in Amaravati and fostering public-private partnerships will be the other key aspect of AP-Singapore collaboration.