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Amaravati to get big financial push from banks and insurance companies, says Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman and Andhra Pradesh CM Chandrababu Naidu laid the foundation for new offices of 15 public sector banks and insurance companies in Amaravati. This Rs 1,328 crore investment is set to create 6,541 jobs, marking a significant step towards realizing the capital's ambitious vision.
Union Finance Minister Nirmala Sitharaman and Andhra Pradesh Chief Minister Chandrababu Naidu on Friday laid the foundation stone for new offices of 15 public sector banks and insurance companies in Amaravati, marking a major milestone in the development of the state's capital.
The projects, involving major financial institutions such as SBI, LIC, NABARD and others, will bring a combined investment of Rs 1,328 crore and are expected to generate 6,541 jobs in the region.
Sitharaman said Amaravati was imagined with a “scientific vision” and now required strong financial backing to fully realise that ambition. She called the presence of so many PSU banks and insurance firms on one financial boulevard a “historic first” for any state capital in India.
The Finance Minister thanked the leadership of the participating organisations for joining the project on a single day and praised Naidu for reviving the stalled capital development, describing the effort as a “Brahma Yagna” (a Herculean task). She also emphasised that the initiative is receiving continuous support from the Prime Minister.
Sitharaman expressed confidence that Amaravati will soon take shape as a strong, modern and prosperous capital.
She also reminded the gathering that the sacrifices of Amaravati farmers must always be remembered, urging banks and insurance companies to actively serve them. She encouraged banks to go beyond limiting assistance to the Rs 2 lakh Kisan Credit Card loan and support the emerging aspirations of the middle class and the increasing demand for nutritious foods and fruits.
The Finance Minister highlighted the rapid progress of horticulture in the state, mentioning that trainloads of fruits from nine Rayalaseema districts are being transported to faraway cities such as Delhi and Mumbai, and appealed to financial institutions to support farmers in accessing markets.
Sitharaman further welcomed the agreement between Andhra Pradesh and the Indian Institute of Astrophysics to set up a planetarium in Amaravati, noting that the state was once known for its strength in sciences before shifting its focus to IT.
Naidu targets 2028 completion; iconic buildings and Quantum Valley proposed
In his address, Chief Minister Naidu requested the financial institutions allotted land in Amaravati to construct “iconic structures” that truly reflect the image of a global financial hub. He confirmed that five acres of land have been provided for the planetarium project in collaboration with the Indian Institute of Astrophysics.Naidu said he expects major capital city works to be completed by 2028, adding that seven national highways and railway routes will connect Amaravati. He reiterated that the capital is being planned as a “green and blue city”, and revealed that the government will establish a quantum computer in the upcoming Quantum Valley.
He added that the financial district in Amaravati has been conceptualised to support high-volume financial transactions and significant economic activity.
Naidu also expressed gratitude to the 30,000 farmers who pooled around 34,000 acres of land for the project, calling Amaravati the only place in the world where such an inspirational land-pooling model was achieved.
He assured that the Polavaram irrigation project will be completed by 2027 and dedicated to the nation.
According to Naidu, companies that were once hesitant to invest in Andhra Pradesh are now returning with confidence under the TDP-led NDA government. He further expressed belief that India will become the world's top economy by 2047, adding that Andhra Pradesh is now recovering strongly with the support of the Central government.
Naidu concluded that Amaravati will be unstoppable with continued cooperation between the Centre and the State.
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Source: EconomicTimes
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