AP to attract Rs 38,671 cr in two years

Andhra Pradesh is expected to attract Rs 38,671 crore investments, creating an employment potential of 1,30,458, in the next two to three years, according to chief minister K Rosaiah.

“The most potential sectors are cement, steel, paper, bulk drugs, pharmaceuticals and textiles, which are doubling their capacities in the next two years. Multinational companies are evincing interest in setting up units in Andhra Pradesh. The state is promoting a number of sector-specific special economic zones (SEZs) to attract large-scale foreign direct investments. Once operational, these SEZs are envisaged to create employment for about 2.5 million people,” Rosaiah said on Sunday.

The chief minister will be laying the foundation stone for a ferro alloy unit at Bobbili in Vizianagarm district. The unit, with an initial capital of Rs 200 crore, would be established by Rashtriya Ispat Nigam Limited in association with Nagpur-based Manganese Ore India Limited.

Rosaiah, who is going to review the progress of industrialisation in the state soon, today asked major industries minister Kanna Lakshminarayana to be in touch with prospective investors for industrial promotion in the state.

He also directed principal secretary (industries) B Sam Bob to submit a detailed report on the status of industrialisation in the forthcoming review meeting.

“In 2006, investment proposals worth Rs 93,000 crore, constituting 10.2 per cent of investments in the country, were cleared by the state government. Andhra Pradesh stands in the second position after Maharashtra when it comes to attracting investments. The major objective of the Industrial Investment Promotion Policy 2005-10 is to create employment in the state through industrialisation. During the last three-and-a-half years, Rs 12,350 crore worth of investments in the manufacturing sector was commissioned creating employment for 1,72,616,” Rosaiah said in a press release.