Andhra Pradesh Chief Minister N Chandrababu Naidu rings the gong at the Bombay Stock Exchange during the listing ceremony of Amaravati Bond 2018. (Source: PTI)

Amaravati Needs Up To $4 Trillion To Develop, Says Chandrababu Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu today said his government has envisaged an investment up to $4 trillion for the development of Amaravati, the greenfield capital city.

“Our infrastructure development plans need $2 to 4 trillion. Today the Centre is estimating only $1 trillion for infrastructure development,” Naidu said after the listing of the Amaravati Bond on the Bombay Stock Exchange. “But for Amaravati, we don’t see any problem in mobilising even $2 to 4 trillion.”

He said raising funds isn't a problem if there's proper decision making and execution mechanism. “If there is no trust and no proper policy framework, there could be a problem (in raising funds).”

The Andhra Pradesh government early this month had raised Rs 2,000 crore by issuing the ‘Amaravati Bond 2018’, that was oversubscribed a record 1.53 times.

Naidu said his government has always adopted new approaches to fast-track development and opened up funding options for development of Amaravati.

The success of the Amaravati Bond 2018 reflects the investor confidence in my government and the development of Amaravati
Chandrababu Naidu, Chief Minister, Andhra Pradesh 

Naidu said Amaravati will be the most liveable place, having electric vehicles and self-sustained and green buildings with central-cooling systems. He added the state’s economy should touch $1 trillion by 2029.