AP launches Industry Mission 2015-20, targets Rs 12.5 lakh cr

CM N Chandrababu Naidu terms AP to be the best investment destination in the country

The Andhra Pradesh government has set an ambitious target of attracting investments worth Rs 12.5 lakh crore in the next 15 years. As part of this, it has unveiled the 'Industry Mission 2015-20'.

Launching the mission along with the new single-desk clearance portal here today, chief minister N Chandrababu Naidu termed AP to be the best investment destination in the country.

"The share of industrial sector output in the state GDP at present is about 21 per cent. We are targeting to increase this to 30 per cent by 2029," the chief minister said, adding the state was looking at attracting investment worth Rs 2 lakh crore in the next five years and create one million jobs during the period.

"Last fiscal, the country's GDP grew 7.4 per cent while AP had achieved a growth rate of 8.4 per cent. Our target is to attain a sustainable double-digit growth starting this year," he said.

He also assured industrialists of all facilities like land, water, power and infrastructure. Listing out some of the initiatives, Naidu said the government was acquiring one million acres for setting up industries, besides ensuring availability of water and power.

Towards this, he said that every year Godavari flood waters to the tune of 3,000 tmc were flowing into the sea, and the state was taking steps to utilise 500-1,000 tmc of this through the intra-river linkage programme.

He also said the government was looking for value-addition in minerals as it had abundant resources like natural gas, bauxite, coal, granite, byrrites, beach sand and limestone, which are expected to draw investments.

On the occasion, 47 companies, including firms from Japan, Canada, the UAE signed MoUs with the state government committing an investment of Rs 35,745 crore and generate 72,000 jobs.

Isuzu, suppliers sign MoUs
Isuzu Motors India Pvt Ltd, a subsidiary of Isuzu Motors, Japan, which is setting up its manufacturing plant at Sri City, today signed an MoU with the state government to facilitate investment by its suppliers under the state's Automobile and Auto Component policy 2015-20. Takashi Kikuchi, managing director, Isuzu Motors India, inked the MoU with state government in the presence of Naidu.

Seven auto component companies nominated by Isuzu Motors India also inked MoUs with the state government here today.

Kikuchi said the Sri City-located facility would likely commence commercial operations by early 2016, with the initial production capacity at an annual 50,000 units. This would be scaled up to 120,000 units a year, with the accumulated investment of Rs 3,000 crore, and was expected to generate around 3,000 jobs, he added.