Vijayawada, November 21, 2024: The State Investment Promotion Board (SIPB) of Andhra Pradesh, during its inaugural meeting chaired by Chief Minister N Chandrababu Naidu, approved a massive investment of Rs 85,083 crore. This investment is expected to generate 33,966 new jobs, marking a significant step in the state’s efforts to foster industrial growth and tackle unemployment. The meeting focused on the proposed investments made over the last five months, including the progress of Memoranda of Understanding (MOUs) signed with various companies.
Chandrababu Naidu, addressing the meeting, stressed the importance of attracting investments to the state despite intense competition from other regions. He pointed to the adverse policies of the previous government, which, he claimed, not only failed to bring in investments but also caused existing investors to exit the state.
The Chief Minister highlighted that many companies who had signed MOUs with the state had left due to what he called “terroristic policies” of the past administration. Naidu urged the officials to work hard and create an environment that is conducive for business growth, ensuring that investors are treated with respect and cooperation is extended at all levels. “Investments lead to employment, and that is key to the future of our youth,” he said.
The SIPB meeting resulted in the approval of several high-value projects, including 10 heavy industries. The most prominent among them is the ArcelorMittal-Nippon Steels project, which plans to set up an integrated steel plant at Bagaraiahpeta near JV Nakkapalli. The company will initially invest Rs 61,780 crore and create around 21,000 jobs. Other notable projects include LG Electronics India Pvt Limited’s investment of Rs 5,001 crore, which will provide 1,495 jobs, and Kalyani Strategies System Limited’s Rs 1,430 crore investment, which will generate 565 jobs. Additionally, Phillips Carbon Black Limited is investing Rs 3,798 crore to provide 200 jobs, while Azad India Mobility Limited will invest Rs 1,046 crore, creating 2,381 employment opportunities.
