Experts opine that new policies would accelerate economic growth

Visakhapatnam : Terming the new policies as pro-active and forward-thinking, chairman of Confederation of Indian Industry (CII), Andhra Pradesh V Murali Krishna opined that the policies could position Andhra Pradesh among the top three states in India for investment.

At a press conference held here in the city on Saturday, Dr Murali Krishna said, “The policies are set to attract investments of Rs.30,000 crore in manufacturing sector and Rs.83,000 crore in Foreign Direct Investment.” he remarked. “They will also facilitate the establishment of 175 industrial parks, generating substantial export potential and creating opportunities for 2.2 million MSME entrepreneurs.”

Dr Murali Krishna emphasised the importance of specific incentives within the new policy frameworks, stating, “The decisions to offer 10 percent additional incentives for job creation and 6 percent for reducing carbon footprints will provide the much-needed boost for the state’s economic growth that targets at least a 15 percent growth rate.”

Members of the CII hailed the state cabinet’s approval of six new policy frameworks that mark a significant step towards enhancing the investment climate.

Expressing his views, past chairman of CII Visakhapatnam G Sambasiva Rao lauded the government’s initiative to allow private industrial parks ranging from 10 to 100 acres, along with mega industrial parks over 100 acres. “This initiative will create numerous employment opportunities. The government’s commitment to providing essential infrastructure to these parks will encourage genuine entrepreneurs to invest.”

Past chairman of CII Andhra Pradesh GS Sivakumar highlighted the role of cooperative federalism in these new policies. He lauded the introduction of a single-window system for approvals through a dedicated regional economic development board.

As Andhra Pradesh aims to establish itself as a leader in industrial innovation and sustainability, the newly approved policy frameworks represent a transformative phase for the state’s economy, promising substantial growth and development in the years ahead.

Addressing the media, past chairman, CII AP D Tirupathi Raju said, “By aligning with the One District One Product (ODOP) initiative, the government is promoting balanced regional development, fostering socio-economic growth, attracting investment to enhance manufacturing and exports.”

Co-convener of CII AP Global Partnerships and Global Linkages Panel KVV Raju commended the state government for introducing effective policies within a 100-day period and called it a positive step to attract foreign direct investment.