Rs 40 trillion investment, 20 lakh jobs: What Naidu wants to achieve in 5 yrs with 6 industrial policies
Andhra Pradesh cabinet approved the policies this week.
The policies and proposed incentives will attract industries back to the state, says CM Chandrababu Naidu.
PRASAD NICHENAMETLA
18 October, 2024
The policies involve industrial development, integrated clean energy, MSME (micro, small and medium enterprises) and entrepreneur development, food processing, electronics manufacturing, and private industrial parks.
The policies involve industrial development, integrated clean energy, MSME (micro, small and medium enterprises) and entrepreneur development, food processing, electronics manufacturing, and private industrial parks.
Visakhapatnam will become the knowledge economy address.
Ease of doing business and speed of doing business.
Single-desk approvals. One application to the AP Economic Development Board is enough. “IAS officers will be assigned as escort officers to foreign investors, for the latter to set shop here without any hassle.”
The AP Industrial Development Policy (AP IDP 4.0)— for all large and mega investments— targets an investment figure of Rs 30 lakh crore in the manufacturing sector, while aiming to operationalise investments of Rs five lakh crore during the policy period.
Target for foreign direct investment (FDI) of Rs 83,000 crore (USD 10 billion).
Exports from the state to double to Rs 33,200 crore.
Aim - to create five lakh jobs in the manufacturing sectors.
The AP IDP 4.0 categorises companies into four types—sub-large investing Rs 50-500 crore, large Rs 501-1,000 crore, mega Rs 1,001-5,000 crore, and ultra mega investing above Rs 5,001 crore.
The government is proposing a capital subsidy of 30 percent of the fixed capital investment (FCI) as an incentive for early bird projects. Companies that promise higher employment will get up to 10 percent higher incentives.
AP Electronics Manufacturing Policy 4.0 targets investments of Rs 84,000 crore from all electronic categories, the creation of five lakh jobs, and a production value of Rs 4.2 lakh crore.
The AP Food Processing Policy 4.0 targets investments of Rs 30,000 crore in the manufacturing sector, creation of three lakh jobs, and exports amounting to USD 15 billion.
The AP energy department formulated the Integrated Clean Energy Policy (AP ICE 4.0). The policy is to attract Rs 10 lakh crore investments and create 7.5 lakh employment opportunities.
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