Jagan Mohan Reddy Govt Fails in Bringing Investor Friendly Industrial Policy: Yanamala Rama krishnudu

Amaravati: Industrial policy is not the reassuring revival of the state economy, opined the TDP senior leader Yanamala Rama krishnudu in a statement on Tuesday.

He said that the new Industrial Development Policy - 2020-23 (IDP 2020-23) is not giving any hope on bringing back all the ailing and crisis-hit sectors in the State economy.

Ramakrishnudu said YSRCP government's policies till now had crippled the construction, manufacturing, real estate, energy, pharma and other major contributors to the economy. The industrial growth rate went down to negative, recorded as -2.2 per cent in just 14 months.

The TDP leader said that the new policy had not given any hope of generating employment opportunities. Lakhs of workers lost their job opportunities because of the retrogressive policies. It was unfortunate that even the government employees were not getting full salaries. The YSRCP leaders were responsible for destroying the AP brand image that was carefully built by the TDP government, he observed.

He said that because of the blackmail tactics of the YSRCP leaders, all previous investments were withdrawn. Industries in the state collapsed, due to the fear of Chief Minister YS Jagan Mohan Reddy's unruly decisions. Growth in the construction sector was -1.1%, trade and hotels -0.7%, real estate -0.3% and tertiary sector -1.0%. This regressive growth will aggravate further due to Covid 19 threat.

The former Minister said that the YSRCP government has not addressed many important issues in the new industrial policy. With AP credit rating is falling continuously, investments are unlikely to come in future, Ramakrishnudu predicted.

Stating that Jagan has no commitment, Ramakrishnudu said the ruling YSRCP leaders had no idea about the concepts like 'Ease of Doing Business' that have the potential to make any state an industrial hub. Budget allocations were very small compared to the previous government. The TDP rule brought large scale industries in automobile, IT and electronics, pharma and food processing sectors.