Andhra Pradesh government and Singapore Consortium have entered into an MOU for the development of 6.84 square km start-up area in Amaravati capital city on Public Private Partnership (PPP) mode. Chief Minister Chandrababu Naidu and Singapore Commerce and Industries Minister, Eshwaran are present at the event.
They have also performed Bhoomi Puja for the construction there and addressed a Public Meeting there. The start-up area will be developed in three phases over the next 15 years. In the first phase 656 acres, second phase 514 acres and in the third phase 521 acres. The onus will be on the consortium to develop this area and bring companies which will create jobs.
This MOU is expected to bring in 1.15 Lakh Crore GSDP and create 2.5 Lakh Jobs. The government is expected to get 10000 Crore in the form of various Taxes. This is said to be the first and crucial step for the development of Amaravati as World Class Capital.