Andhra Pradesh Cabinet Approves New Industrial Policies To Drive Growth And Investment

Amaravati, Oct 17 (KNN) In a significant move to bolster industrial growth and attract investment, the Andhra Pradesh Cabinet, led by Chief Minister Chandrababu Naidu, has approved a suite of new policies on October 16.

The comprehensive package includes six key policies to promote industrial development in the state.

These forward-looking policies are designed to stimulate economic growth, with a particular emphasis on job creation, entrepreneurship development, and addressing climate change concerns.

The Andhra Pradesh government stated that the ultimate goal is to generate wealth for the state through these initiatives.

The centrepiece of this policy overhaul is the new industrial policy, set to be implemented over the next five years. The state government has positioned it as potentially the most attractive industrial policy in India, featuring special incentives for investors.

Projections suggest that this policy could attract investments totalling Rs 30 lakh crore in the manufacturing sector alone, while also creating five lakh jobs. Additionally, the policy aims to draw in USD 10 billion in foreign direct investment and double the state's exports.

In a separate but related development, the Cabinet has greenlit the establishment of the Ratan Tata Innovation Hub. This initiative, with its headquarters in Amravati, is intended to boost entrepreneurship and pay tribute to the legacy of the former Tata Group chairman.

The hub's framework, which includes five zonal centres spread across the state, was also unveiled during the meeting.

The Ratan Tata Innovation Hub is expected to play a crucial role in fostering an entrepreneurial ecosystem.

Its focus areas will include mentoring, facilitating venture capital partnerships, providing financial support and legal aid, knowledge dissemination, and integration with universities. These efforts will be spearheaded by leading industry groups.

The six major policies include the AP Industrial Development Policy 4.0, AP MSME & Entrepreneur Development Policy 4.0, AP Food Processing Policy 4.0, AP Electronics Policy 4.0, AP Private Parks Policy 4.0, and the AP Integrated Clean Energy Policy 4.0.

(KNN Bureau)