VIJAYAWADA: Amaravati is poised to grow into a major financial hub with the establishment of headquarters of 15 leading banks and insurance companies, Deputy Chief Minister Pawan Kalyan said on Friday. He credited the Central government, under the leadership of Prime Minister Narendra Modi, for extending crucial and continued support for the reconstruction and development of Andhra Pradesh, particularly the people’s capital, Amaravati.
Addressing the gathering, Pawan Kalyan said it was rare for major institutions such as Bank of India, Indian Bank, Bank of Baroda, IDBI and LIC to set up their headquarters together at one location. He said the proposed Banking Street would act as a strong catalyst for economic activity, accelerate business transactions and significantly improve investor confidence.
He noted that the project would attract investments of Rs 1,328 crore and generate employment opportunities for nearly 6,500 people. The Deputy Chief Minister recalled the contribution of farmers who had parted with 34,915 acres of land for the capital, stating that their trust formed the real foundation of Amaravati’s future.
He said Andhra Pradesh’s development had gained momentum with the active backing of the Centre. He pointed out that the PM laid foundation stones for projects worth Rs 2 lakh crore in Visakhapatnam, expected to create 7.5 lakh jobs. Amaravati reconstruction works worth Rs 1.7 lakh crore have also begun with Central assistance.
He referred to the Union government’s approvals for a Rs 11,000-crore package for the VSP, Rs 12,500 crore for the Polavaram project, and Rs 15,000 crore for Amaravati, and thanked PM Modi and Finance Minister Sitharaman for their special focus on AP development.