Andhra Pradesh Approves ₹20,444 Crore Investments, Promises Jobs

The State Investment Promotion Board (SIPB) of Andhra Pradesh approved investments totaling ₹20,444 crore during its 13th meeting on March 15, 2024. Chaired by Chief Minister N Chandrababu Naidu, this initiative is expected to create employment opportunities for approximately 56,278 individuals. Naidu emphasized the importance of swift project initiation, urging officials to ensure that foundational work for these investments is completed within 45 days.

During the meeting, Naidu noted that over 50 percent of the Memorandums of Understanding (MoUs) signed at the recent CII Partnership Summit were progressing toward approval. He highlighted the state’s commitment to enhancing its business environment through the ‘speed of doing business’ initiative, which aims to streamline processes and maintain transparency in permitting.

Focus on Infrastructure and Monitoring

Naidu indicated that ₹7.69 crore worth of MoUs from the Visakha CII partnership summit are set to be grounded soon. He stated, “We must lay the foundations for 75 MSME parks before the upcoming World Economic Forum Summit in Davos.” The Chief Secretary will oversee the weekly review of MoU implementation, with Naidu personally monitoring SIPB decisions.

Additional measures discussed include active monitoring by district collectors to ensure progress. Naidu called for a comprehensive policy for industrial grounding to be presented to the cabinet. He emphasized the necessity of smooth land acquisition processes, ensuring that both land providers and recipients are satisfied.

Ministers including Nara Lokesh, T.G. Bharat, and P. Narayana were present at the meeting. Naidu encouraged the use of new technologies to enhance performance in establishing industrial units, stressing the need for two of the six planned quantum towers to be dedicated to the artificial intelligence sector.

Strategic Development Plans

In a bid to boost tourism, Naidu proposed developing convention centers and hotels in Visakhapatnam. A master plan will be created for this initiative, with 50 acres allocated in Kapuluppada for hotel and convention center projects. The Chief Minister stressed that incentives must be tailored to the size of projects, with the disbursal system utilizing an escrow mechanism.

Furthermore, Naidu proposed the establishment of a sovereign fund for investment across various sectors, suggesting a budget of ₹500 crore for Andhra Pradesh. The state plans to develop nine districts in Rayalaseema as a horticulture hub, backed by a central government allocation of ₹40,000 crore for the Purvodaya scheme.

Education Minister N. Lokesh highlighted the importance of rigorous scrutiny for new unit approvals, ensuring that no unnecessary obstacles hinder the establishment of industries. He reiterated the need for strict implementation of the Speed of Doing Business policy to facilitate timely approvals for both the government and investors.

Through these initiatives, the Andhra Pradesh government aims to reinforce its position as a competitive destination for investment, overcoming earlier disruptions that affected investor confidence. Naidu concluded by expressing optimism about the state’s prospects, noting that the recent summit received significant interest due to its enhanced business environment and quick support services.