Financial Daily from THE HINDU group of publications
Wednesday, Dec 31, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 31, 2003 |
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Industry & Economy
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Economy Investment climate ideal in State: Naidu Our Bureau
Hyderabad , Dec. 30 THE Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, has said that the environment in the State is conducive for investment. Quoting from a Business Today-Gallup survey, Mr Naidu said that from a ranking of 22 about seven years ago, the State had jumped to fifth position in 1997 and third in 2002. This year it has occupied the second slot behind Gujarat and ahead of Maharashtra, Karnataka and Tamil Nadu. "This speaks volumes for the initiatives taken by the State," he said. Speaking live over several news channels, and highlighting the performance in terms of employment generation in the State, Mr Naidu said that against the traditional agriculture development model, the stage has shifted towards the services sector. This has necessitated a policy shift that aims to provide and create new jobs in the services sector. Citing a recent McKinsey study on the IT sector, wherein it was emphasised that there was potential to create employment of about 5.5 million jobs in the sector, Mr Naidu said that the same study mentioned that Andhra Pradesh was capable of attracting about one-third of these jobs. The recent changes in the labour legislations were aimed at special enclaves like special economic zones.
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