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.