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AP aims to attract US 1.3 bn investments from Telugu diaspora
Highlights
In a bid to make Non-Resident Telugu speaking diaspora part of Andhra Pradesh\'s development, the government has set up an entity that aims to raise at least USD 1.30 billion investments into the state by next year.
In a bid to make Non-Resident Telugu speaking diaspora part of Andhra Pradesh's development, the government has set up an entity that aims to raise at least USD 1.30 billion investments into the state by next year.
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Ravikumar Vemuru, advisor to the government on Non- Resident Telugu Affairs, including Services and Investments, said Non Resident Telugu Inc (NRT), which is an independent corporation of the government has been set up with an aim to bring the Telugu speaking diaspora on a single platform and involve them in the developmental activities through investments in AP.
Quoting statistics, Vemuru said there are nearly one million Telugu speaking families living in various countries and each family remits USD 5,000 annually (as per 2013 statistics).
"All we got to do is to make them invest additional USD 1,300. That would make almost Rs 10,000 crore (USD 1.30 billion; at current rate). NRT will provide them an investment platform and bring people who look for support from the government. People are interested to invest, all they ask is transparency in the entire system for which the government stands guarantee," Vemuru told PTI.
He said as of now only less than 5 per cent of families are registered in local societies such as TANA, NATS. NRT aims to recruit at least 200,000 in the next six months on its own platform.
NRT will function as a single window for assisting all Non Resident Telugus considering investing in projects within the State. Pre-screened investment packages suitable for small and medium scale investors for development within the state also will be offered for consideration by NRTs in future, he said.
Chief minister N Chandrababu Naidu believes that NRTs are natural extension and integral part of the Telugus and the state is responsible for their welfare, growth and empowerment as much as any other group within the state, he said.
According to Vemuru, the focus of NRT Inc will be to concentrate on the people with income range from USD 50,000 to USD 300,000 and convince them to invest in the state, thus, making them part of the developmental activates.
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