Andhra Pradesh’s proposed new industrial policy will focus on the entire spectrum of industrial development from inception to promoting and marketing with a special attention to start-ups.
In a review meeting with the State officials on the modalities for framing the new industrial policy held in Amaravati on Monday, Andhra Pradesh, Chief Minister, YS Jagan Mohan Reddy, said that the Micro, Small and Medium Enterprises (MSMEs) would need facilitation of marketing collaborations in the current world of competition.
A new, dedicated facility should be built in Visakhapatnam to incubate start-ups and office of the industries department should also be located in the same facility for better coordination, he said.
The other thrust areas of the upcoming industrial policy would be on incentives to encourage port-based industries and provision of basis infrastructure for industries, among others.
After coming to power in 2019, the ruling YSRCP government framed a new industrial policy for three years and is working on a fresh industrial policy. The new industrial policy assumes significance as the State government is organising a mega Global Investor Summit in Visakhapatnam in March to woo investors.
Investments and jobs
According to State government data updated till October 2022, Andhra Pradesh has attracted ₹47,490 crore in investments in the last three years in 28,343 industries, including those which have already started operations.
In addition, ₹1,51,372-crore investment is underway in the form of 61 industries, which are now in the process of setting up their facilities in the State. While about 2.48 lakh jobs have already been created across MSMEs, 1.77 lakh jobs are being created in the companies which are under various stages of completion.