Industries Minister Mekapati Goutham Reddy said Andhra Pradesh had been at the forefront of economic development and performed significantly better than Tamil Nadu (TN) and Telangana in 2019-20 as per the Industrial Entrepreneur Memorandum (IEM) data published by the Department for Promotion of Industry and Internal Trade.
He stated in a press release that A.P. had investment commitments amounting to ₹18,823 crore in 2019 and ₹9,727 crore in 2020 (up to December) compared to T.N.’s ₹8,562 crore and ₹6,807 crore in 2019 and 2020 respectively.
Telangana had a total investment commitment of ₹5,432 crore and ₹7,392 crore in 2019 and 2020.
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When it comes to grounded investments, A.P. performed far better than T.N. and Telangana, he said. Investments totalling ₹34,696 crore were grounded in A.P. in 2019 and ₹9,840 crore in 2020.
Telangana had grounded investments of ₹7,364 crore and ₹6,057 crore, followed by T.N. with ₹2,860 crore and ₹1,184 crore in 2019 and 2020 respectively.
Mr. Goutham Reddy stated that there was a rumour that KIA Motors was thinking of making an exit from the State, but it had, in fact, announced its plans to expand at a cost of ₹400 crore.
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The Adani Group is investing approximately ₹14,635 crore in an IT Park and data centres.
Besides, the Adani Ports and Special Economic Zone Limited officially disclosed its plan to buy out Windy Lakeside Investment Ltd.’s 31.50% stake in Gangavaram port for about ₹1,955 crore, he said.
Ashok Leyland commenced production at its facility in Krishna district and continued operations even during the COVID crisis proving as wrong reports that the commercial vehicle major suspended manufacturing.
Many projects were in the pipeline due to the proactive support extended by the State government, Mr. Goutham Reddy said, adding that it was on the path to transforming A.P. into a progressive State.