How is FM Sitharaman Supporting Andhra Pradesh’s Visionary Projects?
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Synopsis
Union Finance Minister Nirmala Sitharaman emphasizes the need for banks to support Andhra Pradesh's ambitious plans. With the foundation stone laid for new financial institutions, she envisions a prosperous future for the state’s capital, Amaravati.
Key Takeaways
- FM Sitharaman urges banks to back Andhra Pradesh's visionary projects.
- A financial district is being established in Amaravati.
- 15 financial institutions are collaborating for infrastructure development.
- The horticulture hub aims to boost agricultural productivity.
- Investment of Rs 1,328 crore will create over 6,500 jobs.
Amaravati, Nov 28 (NationPress) Union Finance Minister Nirmala Sitharaman on Friday urged public sector banks and financial institutions to extend thorough support to Andhra Pradesh for its innovative plans.
She made her remarks after inaugurating the foundation stone for the regional headquarters of 15 public sector banks and insurance firms.
FM Sitharaman highlighted that, for the first time in India, an entire street dedicated to public sector banks and insurance companies is being established in a state capital, asserting, ‘This itself is a statement’.
She emphasized that 15 financial entities collaborated to lay this foundation stone, aiming to secure the financial sector's backing for the development of the new state capital.
The Finance Minister commended Chief Minister N. Chandrababu Naidu for his vision of establishing a financial district while creating a futuristic capital.
She recalled the formation of the financial district in Hyderabad when he was the Chief Minister of united Andhra Pradesh. “He initiated many projects then, and just as they were achieving success, he took on the task of developing another financial district in Amaravati,” she stated.
Expressing confidence in Chandrababu Naidu's ability to fulfill this responsibility, the Finance Minister asserted that a dynamic capital city for the prosperous state of Andhra Pradesh will soon materialize.
She urged banks to recognize the strengths of Andhra Pradesh and adapt their services accordingly.
Highlighting the crucial role of farmers in the capital's development, she stated that banks and insurance companies must ensure hassle-free banking services for farmers.
FM Sitharaman noted that this initiative goes beyond merely offering loans via the Kisan Credit Card. Referencing the Chief Minister’s plan to develop a horticulture hub in nine districts of Rayalaseema, she mentioned that the benefits will be felt across all districts.
“Banks must reevaluate their strategies. Currently, there is an increasing demand for vegetables and fruits nationwide, as the aspirations of the middle class continue to rise,” she added.
She emphasized that 25 crore people have been lifted above the poverty line, and this emerging middle class aims to provide nutritious food for their children. “Fruits and vegetables play a crucial role in this. Farmers stand to gain higher profits from cultivating fruits and vegetables,” she stated.
The Finance Minister pointed out that since the Modi government assumed office, a banana train has been operational from a district in Maharashtra to Delhi and Mumbai, while a coconut train from Tamil Nadu also services Delhi and Mumbai.
Describing the Chief Minister’s vision for a horticulture hub as forward-thinking, she encouraged banks to contribute by developing infrastructure.
FM Sitharaman mentioned that supplying fruits and vegetables from nine districts in Andhra Pradesh will necessitate improved infrastructure, connectivity, high-quality seeds, and packaging.
“The role of banks extends beyond merely providing loans on Kisan credit cards. It’s vital to support food processing, packaging units, transportation, and cold storage,” she remarked.
She expressed her gratitude to Prime Minister Narendra Modi, noting that he promptly responds whenever she discusses Andhra Pradesh with him.
The Finance Minister confirmed that there is clear direction from the PM to extend all possible assistance to Andhra Pradesh for its growth following bifurcation.
The foundation stone was laid for regional head offices of Andhra Pradesh Grameen Bank, Central Bank of India, AP Cooperative Bank Limited, Bank of India, Canara Bank, State Bank of India, Union Bank of India, Bank of Baroda, Indian Bank, National Bank for Agriculture and Rural Development (NABARD), Punjab National Bank, IDBI Bank, Indian Overseas Bank, Life Insurance Corporation, and New India Assurance Company Limited.
According to the state government, these 15 institutions will invest Rs 1,328 crore, generating 6,541 jobs.
Attendees included Chief Minister Chandrababu Naidu, Deputy Chief Minister Pawan Kalyan, Union Minister Pemmasani Chandra Sekhar, state minister Lokesh, and others.
Point of View
This initiative underscores the government's commitment to fostering economic growth in Andhra Pradesh post-bifurcation. The collaboration between financial institutions and the state government reflects a strategic approach to developing infrastructure and supporting the agricultural sector.
NationPress
28/11/2025
Frequently Asked Questions
What is the purpose of FM Sitharaman's visit?
FM Sitharaman's visit aims to encourage banks to support Andhra Pradesh's futuristic ideas and infrastructure development.
How will the foundation stone laying impact jobs?
The foundation stone laying is expected to generate approximately 6,541 jobs through investments from 15 financial institutions.
What is the significance of the horticulture hub?
The horticulture hub is designed to enhance agricultural productivity and meet the growing demand for nutritious food among the middle class.
Who attended the event?
Prominent attendees included Chief Minister Chandrababu Naidu, Deputy Chief Minister Pawan Kalyan, and Union Minister Pemmasani Chandra Sekhar.
What is the estimated investment from the banks?
The banks are expected to invest Rs 1,328 crore in Andhra Pradesh, contributing to the state's growth.
