Andhra Pradesh: Investment destination calling Premium
The Hindu
Ahead of the Global Investor Summit (GIS) scheduled in Visakhapatnam early next month, the A.P. government is likely to bring a new industrial policy to better cater to the requirements of the entrepreneurs
As Andhra Pradesh reaches the new normal after being in the grip of the COVID-19 pandemic for close to three years and green shoots began to appear in the economy, the State government seems to lay renewed thrust on the development of industrial and infrastructure sectors which have tremendous potential and have been largely untapped.
Ahead of the much-touted Global Investor Summit (GIS) scheduled in Visakhapatnam early next month, the government is likely to bring a new industrial policy to better cater to the requirements of existing and prospective entrepreneurs.
The government is apparently betting big on the scope for investments in the maritime sector (especially on the construction of seaports), Visakhapatnam - Chennai, Chennai - Bangalore and Hyderabad - Bangalore industrial corridors, IT, electronics and communications (for which the State has a vast talent pool), pharmaceuticals, and in some standalone projects like the proposed integrated steel plant in Kadapa district.
Currently, civil works for Ramayapatnam port and a string of fishing harbours are underway.
In addition to the availability of physical infrastructure and support being extended in terms of tailor-made policies, the A.P. government is highlighting that it is consistently ranked No.1 in the country in ‘Ease-of-doing business’ as part of its efforts to catch the fancy of investors.
Amidst all this is what Chief Minister Y.S. Jagan Mohan Reddy sprang the other day in New Delhi came as a pleasant surprise for some. He said that Visakhapatnam is going to be the executive capital of the State in his bid to attract investments to the port city, which is by far A.P.’s largest city which had also been the State’s industrial hub followed by Nellore - Tirupati - Sri City (Chittoor) belt.
The State government clinched a major deal by obtaining the Central government’s in-principle approval for the development of a bulk drug park with the financial assistance of ₹1,000 crore in Thondangi Mandal of East Godavari district.
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