The Hindu Business Line : AP projected as major investment destination

Hyderabad, March 20 The Andhra Pradesh Chief Minister, Dr Y. S. Rajasekhara Reddy, said Hyderabad and Andhra Pradesh have become most preferred investment destinations in the country and the new infrastructure now underway would accelerate investment flow.

Quoting a recent study by the Reserve Bank of India, Dr Reddy said Hyderabad has been rated as the most preferred investment destination in India and with new international airport, rapid transport system, outer ring road and related infrastructure this would get better.

Speaking at the inaugural session of the IT Summit here on Thursday, Dr Reddy said that the stage is now set for more investment which is reflected in the setting up of the Fab City project here and 42 special economic zones coming up in the State.

This is being supported by an investment outlay of $25 billion (about Rs 1 lakhcrore) to strengthen rural infrastructure and other irrigation projects in the State.

By strengthening the finishing school system through Jawahar Knowledge centres, Dr Reddy said “we would be able to expand the employable pool. This will attract more companies here.”

The Chief Minister also released a booklet Andhra Pradesh: The Chosen Destination for IT, brought out by Jones Long LaSalle Meghraj.

The report highlights how software exports contribute to about more than half (53 per cent) of the State’s total exports, which is close to 15 per cent of the country’s software exports. The State earned the fourth highest revenue in IT exports at Rs 18,582 crore ($4.5 billion) and accounts for about 20 per cent of total workforce in the State.

Employment generation

The report outlines some of the initiatives of the State Government to strengthen infrastructure and support it by improving the human resource pool.

The State has had a major share of IT SEZ’s coming up with a potential for direct employment of 8 lakh people over next five years.

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