The Hindu Business Line : ‘AP likely to attract Rs 10 lakh cr additional investment by 2012’

Hyderabad, Sept. 11 Andhra Pradesh has the potential to attract an additional investment of Rs 10 lakh crore by 2012 which can create three lakh additional jobs, according to a paper brought out by the Associated Chambers of Commerce and Industry of India (Assocham).

Addressing a press conference on Thursday, the Chairman of Assocham’s Southern Development Council and Vice-Chairman and Managing Director of W.S. Industries (India) Ltd, Mr Murali Venkatraman, said that the State had already attracted Rs 1,06,242 crore investments in just six months between January and June. The Paper, “Dynamic Andhra Pradesh – Investment and Knowledge Centre for the World”, also states that sectors such as biotechnology, nanotechnology, robotics and automation were expected to draw investments up to Rs 50,000 crore.

“Emerging areas, including electronics, garments and textiles, semi-conductors, food processing and tourism had the potential for an investment of Rs 15,000 crore,” said Mr D.S. Rawat, Secretary-General, Assocham.

The Paper also points out that the State would be one of the leading players in nuclear energy with the availability of large uranium reserves.

“Andhra Pradesh would be one of the leading States in which nuclear reactor plants would come up and this area alone can attract approximately Rs 50,000 crore investments in the next five to seven years,” it said. “KG Basin still remains a highly prospective belt for investment. Although oil companies both in the public and private sector have entered this belt under the stipulation of the NELP policy, we believe that an additional investment of around Rs 50,000 crore is possible in the region,” Mr Venkatraman said.

Fifth largest economy

The Paper released by the industry body pointed out that the State was consistently improving its economic profile in the post-liberalisation era becoming the fifth largest economy in the country and the second after Tamil Nadu in the South.

It also states that the State was the sixth in the country in terms of attracting foreign direct investment between 2000 and 2005, and attracted more than $1 billion up to December 2006. The roadmap suggested by the Assocham included establishment of an effective single-window clearance facility, besides world class educational facilities, increasing contribution of State to GDP through industrial sector from 12.9 per cent to 20 per cent, and creation of knowledge SEZs.

“Involvement of foreign participation with flexible education policies and providing incentives and holiday schemes for food processing zones to exploit the potential of the State in the sector to enhance its contribution in marine and other exports,” is another suggestion that it has recommended.

More Stories on : Industry Associations | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page