Andhra Pradesh Cabinet on Wednesday approved Amaravati as the name for new capital city along with phase one plan for the Capital prepared by Singapore.

The Cabinet Chaired by Chief Minister N Chandrababu Naidu is learnt to have approved a new industrial policy packed with incentives.

At the Cabinet meet, it was decided to take up the entry tax on private vehicles levied by Telangana to the Centre to resolve issues relating to the new tax provisions causing concern among operators.

The phase one master plan, which was presented by the Singapore Government during the recent tour of Naidu to island State, was also approved.

The State Cabinet lauded the role of Union Ministers M Venkaiah Naidu and YS Choudhary in garnering additional funds for the State including for new Capital city.

Along with the approval of the industrial policy for 2015-2020, he Cabinet also approved three sector specific policies for automotive, textile and biotech sectors.

Further, the Cabinet also decided provide thrust to micro, small and medium units, wherein the policy has provided for incentives on power and stamp duty. The accent of the policy is to provide facilities for ease of doing business.

The Government is also planning to create a land bank of about 15-20 lakh acres to support industrial development.

The Chief Minister said that the focus and thrust would be to take the State back as amongst the most preferable State for investment. Referring to the capital area, he said the State would soon identify master developer for capital city.

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