Maharashtra investors to get tailor-made business incentives for investments from Andhra Pradesh Government
Mumbai, 20th February 2023: At the Andhra Pradesh‘s successful Investors Meet in Mumbai today, held ahead of its Global Investors Summit 2023, the government assures fastest single-window clearance, usable coastline, ports, quality power, abundant land bank, state- of- the- art infrastructure to Maharashtra investors for collaborating businesses for growth.
By calling the state of Maharashtra, the largest economy in India, accounting for over 14% of India’s GDP, and contributing to 20% of industrial output in the country, Shri. Gudivada Amarnath, Minister for Industries, Infrastructure, Investment & Commerce, Information Technology, Handlooms & Textiles, Andhra Pradesh, said that the industry meet would help improve cooperation between the growth-oriented, economic power-house states in the country.
“With its diversified portfolio across industry (including sectors such as automobiles, chemicals, aerospace & defence, pharmaceuticals, textiles etc), Infrastructure (ports, road network), IT/ITeS, Startup ecosystem, Gems & Jewellery, Finance, Tourism, the state boasts of the highest per capita income of $3,800 in 2021-22,” said Shri Amarnath.
“At the moment, 89 large projects are under active implementation with a total investment of INR 2.2 Lakh Crore (USD 27.54 billion) with potential to create employment for 20,000 people,” he added.
Being the Champion State in Ease of Doing Business, and with availability of large industrial land banks, 530 industrial estates, 293 industrial parks, 31 MSME parks, 6 special economic zones (SEZs), 3 information technology SEZs, and 3 major industrial corridors, Andhra Pradesh is a competitive investment destination on India’s east coast.
Talking at the Meet, about the states rich history of economic and industrial development across multiple sectors, that continue to contribute to the growth of India’s economy, Shri. Buggana Rajendranath Reddy, Hon'ble Minister, Finance & Planning, Commercial Taxes, Legislative Affairs, Skill Development & Training, Government of Andhra Pradesh said that the state is taking big strides as evident from its economic growth, the state recorded GSDP growth rate of 11.43%, which was the highest among all states in FY22 and in the last three years, the state's exports have increased at a CAGR of 9.3%.
“Over the past few years, the Government of Andhra Pradesh has undertaken several path-breaking reforms and initiatives to strengthen governance, improve business environment, promote policy stability, drive competitiveness, and enhance transparency, to boost the investment climate,” added Shri Rajendranath.
The government is also inviting businesses to set up shops to its vibrant city of Visakhapatnam that ranks among India’s top 5 cleanest cities as per the recent Swachh Bharat Rankings.
As per Shri Audimulapu Suresh, Hon’ble Minister for Municipal Administration & Urban Development, present at the event, the city of Visakhapatnam is their biggest urban agglomeration. With a coastline that stretches for 85 km, Visakhapatnam is a growing port city with 20 million residents, 5.8 million households, and 681.92 square km of land. “The vibrant coastal city is cosmopolitan in nature and a hub for industrial, educational, and tourist activities attracting investments from Public and Private Companies that include Oil Refinery, Zinc, Fertilizers, Steel, Dredging, Heavy Engineering, Ship Building and Power Generation. Large-scale industries, said Shri Suresh.
The state of Andhra Pradesh is showcasing its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at a successful investors meeting in Mumbai. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is the fourth of many such meets that is being organised in the run-up to the Global Investors Summit on March 3rd -4th 2023 in Visakhapatnam.
The ministries, state government institutions and officers from various departments had an open interaction with the investing community in Mumbai today. Promising to handhold potential investors and facilitate the fastest turnaround time. The presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state. Agriculture, Agro-based industries, maritime sector, manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event.
Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. Coincidently, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.
Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure. The improvements have been duly recognised and the state has received various awards over the last one year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led and the infrastructure project 2022.
The event was also graced by the key functionaries of state government including Shri. Sridhar Lanka, Advisor to the Andhra Pradesh Government, Shri Robin Banerjee, Vice Chairman, CII Maharashtra State Council,- Shri M. Govinda Reddy, Chairman, APIIC, Smt. Bandi Nagendra Punyaseela, Chairperson, APIDC, Smt. Sunitha, Principal Secretary, Handlooms & Textiles, Shri Saurabh Gaur, Secretary, IT & Electronics and Skill Development,- Shri Shanmohan, CEO, AP Maritime Board, Smt. Srijana Gummalla, Director of Industries, Shri Sridhar Reddy, CEO, AP Food Processing Society, Bharat Kumar Coo - AP food processing society, and Industry leaders from Tamil Nadu.