Amaravati to become financial powerhouse

Posted by Avenue.in on November 29, 2018
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amaravati financial power house
Vijayawada: Amaravati, the new capital city of Andhra Pradesh, will not only be the administrative seat of the state but is also envisioned to emerge as an economic powerhouse with grand plans being laid by the N. Chandrababu Naidu government.

As a national economic hub, Amaravati is expected to attract non-polluting high-value manufacturing and service industries creating 7-8 lakh jobs over the next 25 years with overall GSDP of Rs 1.2 lakh crore. Growth opportunities will be created by providing a business-friendly environment and a distinct community centred on the vision of wellness and happiness, which could make the city a preferred location for people from all over the world. As per the socio-economic master plan (SEMP) of Amaravati that was recently prepared by state government, by 2038, about 1,500 acres of industrial land is expected to be functional within the city.

In the next three years, Amaravati can potentially develop 300-500 acres of land to generate 15,000 to 20,000 jobs across the identified anchor sectors. If the plan of state government is put into action Amaravati will have food processing parks, textile parks and electronic complexes besides other engineering-based industries. “The new capital city will be a place where children have safer places to play, students have new chances to learn, commutes will be shorter, workers will accomplish more, government will be more responsive and efficient, tourists will be entertained, investors will find new opportunities, and cleaner industries will attract more leading players from around the world,” said a senior government official.

Amaravati is proposed as a national hub for high-value non-polluting manufacturing and service sectors, with a focus on eight sectors apart from government. Electronics manufacturing, engineering, food processing, fashion and apparel in manufacturing, higher education, tourism, healthcare, and high-end services under the service category have been identified as eight focus sectors.

As per SEMP Amaravati could generate an annual gross domestic product of over Rs 100,000 crore. This estimate, based on average annual growth of about 9 per cent, assumes that productivity will rise with the population and that the average worker will become more productive in line with historical trends in India. This growth could put Amaravati in the same GDP category as Pune, Chennai and other cities.

Source: Deccan Chronicle