Andhra Pradesh chief minister N Chandrababu Naidu
Credit: PTI Photo
Hyderabad: Andhra Pradesh chief minister N Chandrababu Naidu had now shifted his focus on attracting investments into the state.
With a robust investment climate in neighboring states like Telangana, Karnataka, and Tamil Nadu, Naidu is now focusing on bringing in the best industrial policies to attract investments.
The draft policies suggest that the first 200 companies to submit their consent of establishment and date of commercial production may receive more incentives, with an additional 10 percent incentive going to those units that generate more employment opportunities.
The Andhra Pradesh government is also thinking of a novel way of providing industrial incentives through escrow accounts, which will help provide more encouragement for industrial progress and better employment opportunities.
Naidu on Monday held a review meeting on the draft policies on industrial development, food processing and Micro, Small and Medium Enterprises (MSME) at the state secretariat in Amaravati.
"We should function as a friendly government with regard to attracting industrialists to invest in the state," Naidu told the officers.
Naidu is making every possible effort to attract investments to the state on a larger scale and as part of the exercise formulating new policies for all these departments. The meeting resolved to bring these new policies before the Cabinet at its next meeting. The meeting also decided to extend subsidies to those who come forward to invest in the state soon after these new policies come into effect.
He also asked the officers to bring the MSME policy in such a way that it focuses on the concept of 'One Family-One Industrialist'.
Ratan Tata innovation hubs in Andhra
The meeting resolved to launch an industrial hub in the state naming it after world renowned industrialist, the Late Ratan Tata, as the Ratan Tata Innovation Hub for taking the industrial sector much further. The Ratan Tata Innovation Hub will be a centre for skill development, start-ups, facilitation centre and innovation, the Chief Minister said.
These hubs will be set up at five places in the state and one major company will be the mentor for each hub. The review meeting also discussed in detail the steps to be taken to achieve the results in the food processing sector too like aqua and poultry sectors while it cleared the proposal to provide an additional five per cent incentives for women entrepreneurs in MSME and food processing sectors.
However, the policy on the industrial sector will be brought before the Cabinet only after another detailed exercise.