AP to formulate robust industrial policy

 Vijayawada: To create a robust investment climate in Andhra Pradesh, Chief Minister N Chandrababu Naidu has directed the officials to formulate policies to speed up business and attract large-scale investments. He said the policies should not only be investor-friendly but also create large-scale employment in the state so that AP can compete with Telangana, Karnataka and Tamil Nadu.

Naidu, who reviewed the new policies in the making, said the proposed Industrial Policy should be integrated with 28 departments.

He said the officials have been working on the draft policy for the past three months and had taken the opinion of the representatives of the industry and studied the existing policies in other states.

The CM told the officials to see that the draft policy should clearly mention that food processing, Micro, Small and Medium Enterprises which will go in for one-family one-industry concept will get additional incentives. He said any industry which can generate more employment will get an additional 10% incentive.

The Chief Minister said to commemorate the profound legacy of Ratan Tata, the state government would establish an Innovation Hub titled ‘Ratan Tata Innovation Hub at Amaravati.

This hub will foster innovation, entrepreneurship ecosystem and mentor startups. It will also be linked to five other zonal centers, each mentored and fostered by reputed business groups and facilitate technology and skill upgradation in emerging sectors.

The government is also in the process of finalizing the policy on Drones, IT and Electronics. All these policies would be placed before the next Cabinet for approval.

According to the officials, 200 companies that come forward first to submit their Consent of Establishment Date of Commercial Production will be provided with more incentives.

The Chief Minister said the state government is thinking of a novel way of providing industrial incentives through escrow accounts, which, he felt, will help provide greater encouragement for industrial progress and better employment opportunities.