Andhra Pradesh: 2.5 lakh jobs to be created through Kopparthi Mega Industrial Park

It is known that the Andhra Pradesh state cabinet has decided to announce special incentives for companies to invest in the mega industrial park being set up in Kopparthi, YSR Kadapa district. The chief minister YS Jagan has named the project as YSR Jagananna mega industrial park, which is being set up on about 7,000 acres, as a mega industrial hub.

The Industries Ministry estimates that the mega-industrial park (MIP), which is being developed with all the infrastructure, will attract at least Rs 25,000 crore in investment and employ at least 2.50 lakh people. It includes 24-hour electricity, water, sewage treatment and common effluent treatment plant. In addition to the subsidies given by the State Industrial Policy 2020–23 for the units to be set up in it, some other subsidies are being provided.

Here are the special subsidies to be provided by government to investors

● APIIC will initially lease the land to companies setting up units in the YSR Jagananna Mega Industrial Hub on a 33-year lease basis to reduce investment costs.

● Lease can be extended up to a maximum of 99 years. The opportunity to purchase land is provided ten years after the start of commercial production.

● A subsidy of hundred percent on registration fee, transfer duty, stamp duty to be paid sale and lease agreements for first time followed by 50 per cent for the second time.

● The government will provide subsidy on unit electricity for five years along with 24 hours uninterrupted power supply.

● 20 per cent subsidy on fixed capital investment or a maximum subsidy of Rs. 10 crore and 55 percent interest rebate for five years about 1.50 crore per annum.

● 100% SGST repayment for 8 years equivalent to fixed capital investment.

● 25 per cent subsidy on freight cost for five years with a maximum of Rs 50 lakh per year will be given.

● Companies with an investment of at least Rs 500 crore and providing direct employment to 2,000 people will be identified as mega projects and additional subsidies will be provided based on their business and job creation.