Vijayawada, August 14, 2024: Chief Minister N. Chandrababu Naidu told the officials of the Industries Department to devise the New Industrial Policy 2024-29 (NIP) in such a way that Andhra Pradesh (A.P.) can compete with the top-5 industrialised States, with a target of 15% growth rate by duly taking into account the recommendations of the NITI Aayog.
The new policy should instill confidence among the investors, he said, while recalling that the State was No.1 in Ease of Doing Business in 2014 – 19, when a host of incentives used to be given to industries and the required infrastructure was created. “Andhra Pradesh has the potential to be no. 1 in the industrial sector, it is not impossible to achieve that status,” he observed.
According to the reports published in thehindu.com Addressing a review meeting on the NIP 2024 – 29 at the Secretariat on Monday, Mr. Naidu stressed the need to give various clearances to industries in the stipulated time-frame in order to motivate more prospective entrepreneurs to invest in the State, and noted that the presence of 10 seaports and an equal number of airports (including those under development) and excellent road connectivity were great advantages for the State. These facilities were a major attraction to investors, who should be convinced that Andhra Pradesh was the right place to do business. The proposed inter-linking of rivers would be useful to the industrial sector, he observed.
Mr. Naidu said the cost-effectiveness of setting up industries in the State should be kept in mind and steps taken accordingly. He suggested that the focus of the NIP should be on mobilising major investments into electric vehicle manufacturing, aquaculture, food processing and production of green hydrogen among other things. He further said he would be meeting the industry stakeholders on August 16 and have another round of deliberations on the NIP on August 23.
Earlier, N. Yuvaraj, Secretary to Government, Industries and Commerce and Food Processing, gave a presentation on the NIP. Industries Minister T.G. Bharat, Additional Secretary to CM Kartikeya Misra, Commissioner of Industries Cherukuri Sreedhar and APIIC MD M. Abhishikth Kishore were present.
