New Delhi, Sept 08: The Centre today promised to release an initial amount of Rs 63 crore in a couple of days to Andhra Pradesh government towards Afro-Asian Games to be held in Hyderabad from October 24-November 1. The promise was given at a meeting between Andhra Pradesh Chief Minister N Chandrababu Naidu and Union Sports Minister Vikram Verma here.
Both the leaders agreed on the importance of the event, particularly in the context of India bidding for the Commonwealth Games 2010.
Talking to reporters Naidu justified the setting up of Formula One racing track at Hyderabad.
"It is perfectly justified on the kind of potential for employment generation and the spin-offs to other sectors like hotel industry and tourism."
Naidu, who will be leaving for Italy on September 12 for discussions on this project, said as per current estimate 8,000 jobs would be generated out of the project and an investment of more than Rs 1,000 crore was being planned.
He said countries like Malaysia was also keen on such projects and the Italian company had shown interest in Hyderabad.
Regretting that efforts to promote FDI were also being looked through political angle, he said sports was a big industry and certainly a priority item.
Bureau Report