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The Curious Case of Amaravati Bonds

11-09-201811-09-2018 05:30:00 IST
Updated On 26-10-2018 10:48:15 ISTUpdated On 26-10-20182018-09-11T00:00:00.000Z11-09-2018 2018-09-11T00:00:00.000Z - 2018-10-26T05:18:15.370Z - 26-10-2018

The Curious Case of Amaravati Bonds

Andhra Pradesh Planning Board Vice Chairman Kutumba Rao lashed out at former Rajahmundry MP Undavalli Arun Kumar and BJP’s GVL Narasimha Rao for their ‘baseless’ comments on Amaravati Bonds.

Speaking to media, Kutumba Rao said that he will resign within 24 hours if either GVL or Undavalli can substantiate their claims and prove that bonds are harmful for the state. 

Calling GVL ignorant for his remarks, Kutumba Rao said, “We don’t know how he is making such claims. If they really have evidence, we are asking him to provide the same. If he doesn’t provide it in a week, even though he is a sitting Rajya Sabha member, we will issue a notice for defaming the state’s brand image by making such allegations.

Kutumba Rao claimed that BJP is resorting to ugly politics and is making their representatives give out statements that are only creating confusion in people.  He added that such behaviour won’t be tolerated and said, “We will definitely send the notice. He can consider it a warning. He can’t make such claims and keep running back to New Delhi. Has the BJP hired him only for this? We are taking this seriously and will apply the same standards to all parties.”

Earlier last month, Andhra Pradesh Capital Region Development Authority (APCRDA) backed by AP Government listed ‘Amaravati Bonds’ on Bombay Stock Exchange at an interest rate of 10.32% for a 10-year issue. APCRDA was successful in raising Rs 2,000 crores and declared the bonds as a massive success. AP CM Chandrababu Naidu claimed that the funds will be used for the capital city development and the repayments will be done through the return of investment on infrastructure. This claim was contested by opposition who questioned Naidu on how he claims to repay the amount considering that as per his own claims Amaravati will be built completely by 2050. 

It is to be noted that not once during the interaction with media did Kutumba Rao chose to address these concerns and instead chose to only hit back at people questioning the bonds. This has left a certain scepticism and fear among people about the bonds and the impact that it will have over their lives.

NewsSting Team

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