The State Cabinet has given a nod for the establishment of four private universities and an Institute for Financial Management and Research in Andhra Pradesh. Yanamala Ramakrishnudu, Finance Minister of Andhra Pradesh, clarified that the move is expected to help the state attract investments worth Rs. 3,028 crore.
Private universities which are expected to establish their branches in the state are Vel Tech (RS Trust), World Peace University (Maharashtra Academy of Engineering and Educational Research), Great Lakes Institute of Management (Great Lakes International University). Among them, two varsities will come up in Sri City and one in Vishakapatnam.
Also read: - Cabinet Approves New IISER in Orissa
Earlier, the state government has allotted 100 acres of land for the establishment of four universities which include Amity, SRM, Centurion and VIT Universities in Amaravati. For this purpose, the state government has passed the Private Universities Bill in the Assembly to pave the way for the establishment of universities under private management. Currently, the Cabinet has given the nod for four new private varsities.
Andhra Pradesh has been separated from Telangana under AP Reorganisation Act 2014. Since then, the AP government has been working consistently to develop the new capital of Andhra Pradesh, i.e., Amaravati. The government planned to make Amaravati an educational and technological hub. For this purpose, the government has invited tenders from various national and international universities/institutions for the establishment of campuses in Amaravati.
The government is also planning to setup premier institutes like Indian Institute of Technology (IIT), Indian Institute of Management (IIM) and National Institute of Technology (NIT) at Amaravati.