Amaravati’s financial district will spur faster economic growth, says Pawan Kalyan

Deputy Chief Minister Pawan Kalyan said the coalition government is committed to ensuring development that is both visible and beneficial to every citizen. He was speaking at the foundation-laying ceremony for the headquarters of fifteen banks and insurance companies coming up in the Financial City of Amaravati on Friday, in the presence of Union Finance Minister Nirmala Sitharaman, Chief Minister Nara Chandrababu Naidu and others.

Calling the event a positive sign for the State’s growth, he said setting up the headquarters of multiple banks and insurance firms at a single location is a rare achievement, one that Amaravati has now realised. Bringing these institutions together, he noted, will generate significant economic advantages, streamline financial activity in the capital region and mark a major step in shaping Amaravati as a hub for financial transactions.

He also acknowledged the crucial role of farmers who gave their land for the capital out of trust in Chief Minister Chandrababu Naidu’s vision. Expressing gratitude to the Union government, he thanked the Centre for extending financial support to Amaravati’s reconstruction, the Polavaram project and the proposed steel plant. He also conveyed his appreciation to Prime Minister Narendra Modi and the Union Finance Minister for consistently supporting Andhra Pradesh.

Union Minister Pemmassani Chandra Sekhar praised Ms. Sitharaman for her leadership in steering India’s financial sector, calling her an inspiration for newcomers in politics. He noted that she has the rare distinction of presenting the Union Budget eight times, placing her among India’s most influential economic policymakers. He credited her with stabilising public-sector banks by undertaking major consolidation reforms that shielded them from potential financial crises.

HRD Minister Nara Lokesh launched a sharp attack on the previous government, accusing it of attempting to undermine the Amaravati capital project through the three-capital plan. He said the region had suffered because of political experiments aimed at splitting the State’s capital into three parts. He alleged that while farmers fought for the idea of One State, One Capital, the former regime spent ₹450 crore on building a palace for one individual.

Praising Ms. Sitharaman, Andhra Pradesh Finance Minister Pyyavula Keshav described her as firm yet fair in releasing financial resources, comparing her to a mother who provides funds exactly when needed. Managing the economy of a vast country like India, he said, is no simple task.