Minister for Industries, Commerce and Food Processing T.G. Bharath, has hailed the Industrial Policy 4.0 unveiled by the State government, as having the potential to place Andhra Pradesh among the top global investment destinations, targeting to attract ₹30 lakh crore investments and a foreign investment of over $10 billion dollars during the next five years.
Mr. Bharath held an interactive session on Tuesday with the chief executive officers and senior executives of industries operating in Sri City, the integrated business city in Tirupati district, where he presented the policy launched by Chief Minister N. Chandrababu Naidu, with its key areas of focus including MSMEs, electronics, food processing, clean energy and industrial parks.
The Minister outlined the foundational principles of the policy, laying stress on its role in catalysing economic transformation through speed, efficiency and sustainability. He also sought feedback from the industry, recognising the crucial role of business insights in refining the industrial policy.
Secretary (Industries and Commerce) N. Yuvaraj provided an in-depth overview of the policy, besides emphasising on ‘Speed of Doing Business’ for streamlined processes, investor-friendly approach, advanced infrastructure plans with industrial parks and sector-specific incentives. He also explained that the new policy offered subsidies up to 40%, a unique 6% de-carbon subsidy and streamlined processes to ease business operations.
Sri City’s founder managing director Ravindra Sannareddy thanked the Minister and Secretary for explaining the nuances of the policy to the industrial community and said the initiative highlighted the government’s proactive approach towards positioning Andhra Pradesh as a prime destination for global investment.
Published - October 29, 2024 04:10 pm IST