Andhra Pradesh and Tamil Nadu have ashared legacy, can work closely for sustainable economic growth: Shri Rajendranath, Minister for Finance, Andhra Pradesh!
Andhra Pradesh’s next wave of growth will be driven by mega infrastructure projects: Andhra Pradesh Government
Andhra Pradesh‘ssuccessful Investors Meet in Chennai, held ahead of its Global InvestorsSummit 2023offers to improve logistics performance by developing five Multi Modal Logistics Parksas well as ready-built infrastructure to shorten the time required to set up new facilities.
Chennai, 17th February 2023:The State of Andhra Pradesh and Tamil Nadu have a very strong foundation with their diversified portfolio of economic activity and can grow together for sustainable growth said theHonourable Minister for Finance, Planning, Commercial Taxes, Skill Development, Training, Legislative Affairs, Government of Andhra Pradesh, Shri. BugganaRajendranath, at the very successful Investors’ Meet at Chennai today.
“We are leveraging our geographical advantage of being in proximity to the city of Chennai. It is one of the top industrialized states in the country and has been at the forefront of industrial development for the past few decades, said Shri. Rajendranath, addressing Tamil Nadu as ‘a Sibling State’.
The Honourable minister also pointed out that there are various sectors where both the states can work hand-in-hand like agriculture, maritime, infrastructure, green energy, logistics, tourism, etc. “Tamil Nadu is one of the top industrialized states in the country and hasbeen at the forefront of industrial development for the past few decades due to strategic advantage that they had. We can collaborate in traditional sectors such as automobile, textiles, chemicals &petrochemicals, engineering; strong maritime infrastructure; renewableenergy; social infrastructure such as education and health; as well as focus onmodern forward-looking sectors such as IT, Global Capability Centers, DataCenters, Emerging Technologies, Defence and Electric Vehicles,” he said.
“Andhra Pradesh is hardwired to lead the Indian growth story and we want investors to take advantage of the opportunity and be a part of this journey,” he said. “We are providing 48,352 acres of land bank for industrial development,” he added.
The state of Andhra Pradesh is showcasing its rich naturalresources, large investments in infrastructure, land bank, and intensive reforms in rules andregulations at a successful investors meeting in Chennai. These efforts, takentogether, position Andhra Pradesh as the state where abundance meets prosperity. Theevent is one of many such meets being organised in the run-up to the Global InvestorsSummit on March 3 rd -4 th 2023 in Visakhapatnam.
He also added that in the last 3.5 years, the state has approved investmentsto the tune of Rs.1.9 lakh Crore. “That would go on to create employment for around90,000 people in the state in the future,” he said.
The state is also spending significant amount of its budget on developing airconnectivity in the state, with a Greenfield international airport coming upat Bhogapuram near Visakhapatnam at a cost of Rs. 2,500 Crores (USD300 Million). The four new ports at Ramayapatnam, Machilipatnam, Bhavanapadu andKakinada are being built. The state also intends to develop Inland Waterways, which will reduce cost of logistics for moving cargo within and outside the state. 27 locations have been identified as prioritized terminals. The waterways will have potential to handle 10 MT by 2029. Andhra Pradesh is in the process of developing 3 national industrial corridors in the state, the only state to do so in the country. It is been sanction to build a Bulk-Drug Park, the only state in South India, with the financial assistance of INR 1,000 Crores (USD 125 Million).
Key functionaries from various departments, ministries, and state government institutionshad an open interaction with the investing community in Chennai today. Promising tohandhold potential investors and facilitate the fastest turnaround time the presentationsshowcased the present and upcoming infrastructure and the conducive policy environmentof the state. Agriculture, Agro-based industries, maritime sector, manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectorsattracted significant interest at the event.
Andhra Pradesh is India’s gateway to thesoutheast with its 974 km long coastline, the second longest in the country, 6 existing ports,and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, asper the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan MohanReddy, Honourable Chief Minister. Thanks to the governance reforms and formulation ofinvestor-friendly policies by the government, the state has emerged on top in terms of easeof doing business (EoD) for three consecutive years.
Consistent improvement in the governance framework to create hassle-free investing isaugmented by hard infrastructure as three of the country’s eleven industrial corridors arebeing built in Andhra Pradesh alone. The improvements have been duly recognised and thestate has received various awards over the last one year alone. To name a few the LEADSaward for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led,and the infrastructure project 2022.
The event was also graced by the key functionaries of state government includingShri KarikalValaven, Special CS, Industries, Infrastructure, Investment, Smt. K.Sunitha, Principal Secretary, Handlooms & Textiles,- Shri B.Sundar, Special Secretary, IT & Electronics, Shri Shan Mohan, CEO, AP Maritime Board, Smt. SrijanaGummalla, Director of Industries,Shri Sridhar Reddy, CEO, AP Food Processing Society, and Industry leaders from Tamil Nadu.
