‘Andhra will need $10 bn in 10 years to build new capital’

New Delhi: Andhra Pradesh will require USD 10 billion in the next 10 years to build Amaravati, the state’s new capital, a top government official said today.

“We require USD 10 billion in the next 10 years for development of Amaravati,” Andhra Pradesh Infrastructure and Investment Department Secretary Ajay Jain said while addressing investors at India Investment Summit here.

“We are working closely with Singapore… In the next three years we will build government complexes and iconic buildings,” Jain added.

Listing other incentives while wooing investors, he said Andhra Pradesh has the second-longest coastline among the Indian states and ranks second in ease of doing business.

Jain also said some of the leading universities have agreed to set up campuses in Amaravati.

Several foreign pension and sovereign wealth funds are participating in the summit.

Speaking at the event, Punjab Principal Secretary for Industry and Commerce Anirudh Tewari said the state has opportunities in agri and food processing industries, new renewable energy, light engineering, healthcare and biosciences.

Tewari said Punjab has surplus power and the government plans to develop smart villages.

“Punjab has been ranked as the best state for setting up business in terms of World Bank’s ease of doing business,” he said.

Tewari also assured investors that there won’t be surprise inspections by labour inspectors in Punjab.

West Bengal’s Principal Secretary Commerce and Industries Krishna Kumar Gupta said the state has skilled work force and lowest attrition rates.