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Andhra Pradesh will be organising a global investor summit in Visakhapatnam on March 3-4 to attract investments. The State government has plans to project Andhra Pradesh as a hub for green energy and a destination for newly emerging products segments, in line with the ‘vision’ of Chief Minister YS Jagan Mohan Reddy, according to officials.
The government is planning to conduct road shows within the country and abroad to woo the prospective investors and to showcase Andhra Pradesh as an ideal destination for investment with natural advantages such as long coastline and port infrastructure.
As per government data, between 2019 and 2022, the average annual investment was about ₹15,693 crore while ₹1,81,821 crore total investments were approved by the State Investment Promotion Board (SIPB) which are now various stages of progress. These projects would provide employment to 1,40,903 persons after their completion.
The Chief Minister is personally monitoring the arrangements to be made for the summit in Visakhapatnam.
POLICY
As per the industrial policy of the government announced in 2020, its focus is on ease of doing business, tailor-made incentives for mega projects and sector specific incentives.
Apart from bringing down the cost of doing business, it aims to facilitate plug and play units wherever possible, and MSME and women entrepreneurs get a focused handholding approach packed with incentives. These include reimbursement of stamp duty, ₹1 per unit rebate on power for five years and 15 per cent investment subsidy, among others.
The policy lays emphasis on balancing growth across regions and communities, and is focused on reducing the cost of doing business and helping MSMEs achieve scale and improve competitiveness.
Ten sectors for special thrust include toys and furniture, footwear and leather, machinery and precision equipment, aerospace and defence, pharma, textiles, automobile, electronics and petrochemicals. The MSMEs and women entrepreneurs will have special focus with ready-built, pre-cleared facilities and skill development centres.
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