Chief Minister Chandrababu Naidu announced a slew of progressive measures to boost industrial growth, employment, and sustainable development in Andhra Pradesh. Speaking at a high-profile business meet, the CM highlighted key incentives and reforms aimed at attracting investments and creating a conducive environment for entrepreneurs.
Farmers interested in establishing parks on their own land received a major boost, with the government offering full exemption from NALA and CLU charges, layout approval fees, stamp duty, and registration charges, along with immediate incentives.
Naidu recalled his government’s achievements during the previous term, stating:
- ₹23,900 crore was disbursed as incentives to industrialists.
- The Central Production Linked Incentive (PLI) scheme, which offers significant scope for job creation and funding, had been underutilized by the previous administration.
Key Highlights of the New Industrial Policy:
- Ease and Speed of Doing Business:
- Reiterating AP’s success in Ease of Doing Business rankings, the CM emphasized a shift toward the Speed of Doing Business, ensuring faster project approvals and implementation.
- Job Creation Goals:
- 20 lakh new jobs within five years.
- 5 lakh manufacturing jobs through industrial parks in 175 constituencies.
- “One Family-One Entrepreneur” initiative to encourage widespread entrepreneurship.
- Investment and Subsidy Categories:
- Subclasses based on investment size:
- ₹250-500 crore: 12-15% incentives.
- ₹501-1,000 crore: Special large industry benefits.
- ₹1,001-5,000 crore: Mega industry status.
- Above ₹7,500 crore: Ultra-mega industry status with maximum benefits.
- Employment Subsidy:
- Additional 10% for industries creating jobs.
- 6% extra for adhering to green energy norms.
- Subclasses based on investment size:
- Incentives for Fast-Track Projects:
- Industries operational within 18 months will receive 18% additional incentives.
- Value-added manufacturing will qualify for 20% additional benefits.
- Investor-Friendly Policies:
- 30% investment subsidy upon signing MoUs.
- Foreign Direct Investment (FDI) target of $10 billion to bring Fortune 500 companies to Andhra Pradesh.
- Escort officers appointed for investments exceeding ₹1,000 crore to ensure project success.
The CM emphasized, “We are not just aiming for economic growth but also ensuring environmental sustainability by incentivizing green energy practices.”
Vision for the Future:
Naidu’s forward-thinking policies are set to place Andhra Pradesh at the forefront of industrial innovation and employment generation. With targets to foster entrepreneurship, attract global companies, and invest in value-added sectors, the state is poised for a transformative economic journey.
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