RAIPUR: A modern hi-tech new capital region 'Nava Raipur' of Chhattisgarh, is said to have become the first fully debt-free city in the country.
An independent nodal agency, Naya Raipur Development Authority (NRDA), created in 2006, with a mandate to build a smart city, 'Nava Raipur’ has repaid the entire outstanding debt of Rs 1,788 crore borrowed from the Centre and the nationalised banks.
Nava Raipur, about 20 km from the old Raipur city, has been uniquely designed from scratch, and developments are being carried out in a phased manner, as the state government is vying to bring the PM Narendra Modi’s vision of ‘Developed India @2047’ to completion.
The officials attribute the attained milestone to the financial prudence, policy-driven governance and transparent administration of the state government.
“The significant accomplishment is expected to accelerate the pace of infrastructure development and the execution of new projects in the modern, swanky and meticulously planned capital of Chhattisgarh”, said Vishnu Deo Sai, chief minister.
The NRDA had availed substantial loans for its development, primarily for land acquisition, construction of roads, government buildings, and other institutions. However, the burden of debt and the consequent interest payments had strained the Authority’s cash flow.
"Through financial discipline, transparency, and strategic planning, we have ensured not only debt relief for the Authority but also charted its course towards self-sufficiency and new heights of development," the CM added.
The state government is striving to transform Nava Raipur into a modern, employment-oriented city with world-class amenities, with upcoming significant private investments.
The state government, through the third supplementary budget of 2024–25, allocated Rs 1,043 crore to the Nava Raipur Atal Nagar Development Authority (earlier known as NRDA) along with additional funding for industrial areas, thus strengthening revenue channels.
With the debt cleared, all properties of the Authority are now unencumbered, facilitating easier transactions and commercial utilisation. It will enable faster implementation of infrastructure projects, public services, and new initiatives like a hub for medical tourism, textile and emerging as a major centre for the modern IT sector.
Nava Raipur is poised to become the new growth engine of Chhattisgarh’s economy. The region already has the third-largest international cricket stadium in India.