Andhra Pradesh approves Rs.85,000 crore investment proposals, set to create 33,966 jobs

Andhra Pradesh’s investment boost: Key projects and job creation

The Andhra Pradesh State Investment Promotion Board (SIPB) on Tuesday approved a series of investment proposals worth Rs.85,000 crore, a move expected to generate nearly 34,000 new jobs across the state.

The proposals were cleared during a meeting chaired by Chief Minister N Chandrababu Naidu, which focused on reviewing investments from the past five months, including the progress of Memoranda of Understanding (MOUs) and the status of related initiatives.

A key highlight of the meeting was the approval of 10 major industrial projects, including an integrated steel plant by ArcelorMittal and Nippon Steels at Bagaraiahpeta near JV Nakkapalli. The steel plant, which will have a capital port, will initially receive an investment of Rs.61,780 crore and create 21,000 jobs.

Other significant investments approved include:

• LG Electronics India Pvt Ltd’s investment of Rs.5,001 crore, which will generate 1,495 jobs.
• Kalyani Strategies System Ltd’s plant investment of Rs.1,430 crore, which will provide 565 jobs.
• Phillips Carbon Black Ltd’s Rs 3,798 crore investment, will create 200 jobs.
• Azad India Mobility Ltd’s investment of Rs 1,046 crore, which will employ 2,381 people.

During the meeting, Chief Minister Naidu emphasized the importance of continuing efforts to attract investments to Andhra Pradesh, despite competition from other states. He criticized the previous government’s policies for hindering investments and noted that several companies that had signed MOUs in the past had left the state due to adverse conditions.

He stressed the need for policies that support industries and ensure long-term benefits for local communities, particularly those who provide land for new projects. Naidu advocated for a transparent land acquisition process, suggesting the adoption of the land pooling system and offering training and employment opportunities to landowners who donate their land.

The Chief Minister also pointed out that the previous government had paid only Rs.1,961 crore in incentives to companies, compared to Rs.3,883 crore paid during the earlier TDP regime. He emphasized the importance of balancing investment growth with the welfare of the local population.

Deputy Chief Minister Pawan Kalyan and Minister for IT Nara Lokesh, along with other state officials, were present at the meeting. They reiterated the importance of both attracting investments and ensuring the welfare of land donors, ensuring a sustainable and inclusive approach to industrial development in Andhra Pradesh.

For all the latest updates, download PGurus App.

The post Andhra Pradesh approves Rs.85,000 crore investment proposals, set to create 33,966 jobs appeared first on PGurus.