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      Market Update

      Singapore eyes return to Amaravati project, seeks Centre’s backing

      Amaravati project
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      Singapore is weighing a return to Andhra Pradesh’s Amaravati project six years after pulling out, but its re-entry hinges on support from the Central government.

      According to top government sources, Singapore has conveyed its willingness to partner with the Andhra Pradesh government in reviving the ambitious plan, provided the initiative receives backing from the Centre.

      The move comes in the backdrop of state Chief Minister N Chandrababu Naidu’s return to power in 2024, which has breathed new life into the stalled project after five years of uncertainty under the YSR Congress Party.

      Singapore had opted out of the capital city start-up plan in 2019 — the year Telugu Desam Party (TDP) lost power to YSR Congress Party and its leader Jagan Mohan Reddy. The project itself took a backseat after Jagan took over as chief minister from 2019 to 2024.

      During his tenure, Reddy floated the idea of three capitals for the state and gave precedence to Visakhapatnam over Amaravati as the executive capital.

      With N Chandrababu Naidu’s TDP winning Assembly elections in 2024, the Amaravati dream was revived. Since then, construction activities have resumed in full swing.

      According to highly placed sources in the state government, the Singapore government is ready to jump back in, provided the Centre backs the plan.

      The Andhra Pradesh government has sought the support of the Central government in reviving the Singapore partnership, according to a top source in the AP government.

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