- Chandrababu Naidu is looking at NRI funds as one of the key ways through which Amaravati will be built
- NRIs, on their part, are further spurred to invest in AP because of the tax exemption opportunity being proposed
When Andhra Pradesh CM, Chandrababu Naidu was in the US as part of his foreign trip to attract investors to the state, an email was sent to the Irving Mayor asking for his arrest because he was asking for donations illegally. These donations were being made for Amaravati .
Though the investigators found nothing illegal in the dealings that were taking place at the investor meet, it did establish the fact that a large number of NRIs from the Andhra Pradesh had gathered to discuss business and donation possibilities with the chief minister.
Also, if one were to look at the ambitious plans Naidu has announced for building the state’s capital Amaravati, one would understand that huge amounts of funding would only complete this dream. Apart from raising money through Masala bonds, NRI funds is also one of the key ways through which Amaravati will be built.
Elaborating on the NRIs giving donations to Naidu, last year, the CM had proposed to construct an `iconic building' with 23 floors in Amaravati for non-resident Indians (NRIs) of Telugu origin.The NRI Bhavan will come up in the core capital area adjacent to government buildings. It will be designed to appear like the Roman alphabet `A'.
According to a previous news report, the NRI Telugu Society would purchase 25 acres and project had been estimated to cost Rs 150 crore. At that time it was decided that the NRI community around the world would raise money for it.
All this expenditure is being undertaken by the Telugu NRI community since they would benefit in the form of tax exemptions . A proposal had been placed before the AP cabinet for this purpose. Amaravati has been marketed as Sunrise AP. Telugu NRIs based out of Singapore, US and other countries across the world already looking for investment opportunities in Sunrise Andhra Pradesh.
Last Updated 31, Mar 2018, 6:49 PM IST