Andhra Chamber of Commerce and Industry president Muthavarapu Muralikrishna said that the land prices were jacked up in Krishna district with an expectation that the Telangana State will be carved out.

The land prices have hit the development of industry. Now that split was announced, the prices would go up further, he said. The region would develop only if the city was made “Financial Capital” on the lines of Mumbai.

‘Rentier class attitude’

Rajya Sabha former member Yelamanchili Shivaji said that ‘Rentier class attitude’ has hindered the industrial growth in the region. Rentier capitalism is a term used to describe economic practices of monopolisation of access to any physical, financial, intellectual property with an intention to draw profit without contribution to society.

At least now they have shed the idea of short-term gains and have vision and think about development on a broad spectrum. Secondly, the Central Government has never announced the Krishna as industrially backward district.

Unless the Bandar Port is revived, the region was unlikely to develop. After the exports from Bandar Port stopped the industrial development also took a back stage and access to the port was not proper. Exporters migrated to Chennai, he explained.