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NRIPage | Articles | Rs 3445 Crore Allocated for Amaravati Development in Andhra Pradesh 2024 Budget | Get Internet & Technology Guidance. Stay Updated on Internet Trends & Tech Innovations - NRI Page
In the 2024 Andhra Pradesh state budget, the NDA-led government has allocated Rs 3445 crore for the development of Amaravati, the state's proposed capital. This marks a significant boost for the capital region, signaling a renewed commitment to its growth and infrastructure development.
The Rs 3445 crore allocation includes:
Rs 3000 crore for the development of basic social infrastructure in Amaravati, focusing on essential services and urban development.
Rs 400 crore for remittance of interest to farmers who provided their lands for the capital's development.
Rs 32 crore earmarked for the Amaravati Smart City project, aiming to establish modern amenities and technological advancements in the capital.
Rs 13 crore designated for the construction of the Andhra Pradesh High Court building in Amaravati.
In addition to the state budget allocation, Amaravati has received significant financial support, including Rs 15,000 crore from the World Bank and Rs 12,000 crore from HUDCO. The funding is expected to continue smoothly, with high-level discussions in Delhi indicating strong backing for the project.
Looking ahead, the next phase of Amaravati's development will require an estimated Rs 50,000 crore. Of this, Rs 27,000 crore will come from the World Bank and HUDCO, while the state government, along with central government support, loans, and bonds, will cover the remaining amount.
After facing delays and uncertainty from 2019 to 2024, Amaravati is now seeing faster progress under the NDA government, which is pushing ahead with the development plans. The fresh budget allocation and continued external funding signal a bright future for Amaravati as the new capital of Andhra Pradesh.
