Andhra Pradesh's State Investment Promotion Board Greenlights Rs 31,167 Crore Investments
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Synopsis
On April 10, the Andhra Pradesh State Investment Promotion Board approved investment proposals totaling Rs 31,167 crore, expected to create over 32,000 jobs across various sectors including IT and food processing.
Key Takeaways
- Investment approved: Rs 31,167 crore
- Expected job creation: 32,633 jobs
- 17 organizations involved in various sectors
- Emphasis on timely production launch
- Portal for job tracking to be established
Amaravati, April 10 (NationPress) The State Investment Promotion Board of Andhra Pradesh sanctioned investment proposals amounting to Rs 31,167 crore on Thursday.
During a meeting led by Chief Minister N. Chandrababu Naidu, the board approved investments from 17 companies across various sectors, including food processing, IT, and energy. These investments are anticipated to generate 32,633 jobs.
The Chief Minister emphasized that investments materializing at the ground level are equally significant as those flowing into the state.
He instructed officials on the necessity for industries to commence production on schedule. He noted that once a project is greenlit, it's crucial to gather information on the production start date and closely track the phased advancement of these initiatives.
Naidu urged officials to present data at the next SIPB meeting regarding the number of companies that have started production and the jobs created.
Furthermore, he requested the establishment of a portal that details which organizations have provided jobs and the corresponding beneficiaries.
Minister for Education, IT, and Electronics, Nara Lokesh, who was present at the meeting, urged the Chief Minister to allocate land to IT firms at a reduced cost.
He argued that this initiative would help attract more IT companies to the state. The Chief Minister stated that adjustments would be made to the existing IT policy to facilitate this.
In the five SIPB meetings held since the formation of the TDP-led NDA government, 57 organizations have received approval for investments totaling Rs 4,71,379 crore, expected to create 4,17,188 jobs.
The coalition government highlighted that the previous YSRCP administration conducted merely five SIPB meetings over five years.
Among the investments approved in Thursday's meeting are Rs 2,063 crore by Ma Mahamaaya Industries Limited in Vizianagaram district, which is projected to generate 1,000 jobs; Premier Energies Limited at MP SEZ, Naidupet will invest Rs 4,200 crore, creating 1,500 jobs; and LG Vendors in Sri City, Tirupati district, will invest Rs 839 crore to provide 692 jobs.
