State FM defends move to cancel Amaravati project with Singapore consortium
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State FM defends move to cancel Amaravati project with Singapore consortium

By News Minute calender  14-Nov-2019

State FM defends move to cancel Amaravati project with Singapore consortium

  • The Andhra Pradesh government defended its move to close down the 'Start-up Area Project' within Amaravati.
     
  • In a statement, state FM Buggana Rajendernath said that it was not found feasible to take up such a huge project, so the decision was made in the best interest of the state.
     
  • He added, "During deliberations, it was realized that it requires about Rs 2 lakh crore to develop the entire capital area, which is the size of the state's annual budget."
     
  • This plan was supposed to be executed with Singapore Consortium, but for now, the agreement has been terminated.
     
  • A press release from the Singapore government's Ministry of Trade and Industry also stated that the decision was taken mutually.

     

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