Andhra Pradesh sees ₹13.25 trillion investments during CII summit

Chief minister Nara Chandrababu Naidu said that his vision is to lead the economy towards $2.4 trillion by 2047

The Andhra Pradesh government has signed investment deals worth around Rs 13.25 trillion as part of the three-day CII Partnership Summit in Visakhapatnam, which is expected to create over 1.6 million jobs.

 

Chief minister Nara Chandrababu Naidu said on Saturday that his vision is to lead the economy towards $2.4 trillion by 2047. A total of 613 memorandums of understanding (MoUs) were signed during the summit. This includes mega investments worth $12 billion in multiple green-energy projects by leading global investment firm Brookfield through its arm, and $6.7 billion in fresh investment by ReNew Energy Global Plc (ReNew). Owing to these plans, the bulk of the investments—Rs 5.33 trillion—came in the energy sector, followed by Rs 2.8 trillion in the industrial sector and Rs 2 trillion in the infrastructure sector.

 

 

Naidu told the media that the government is fast-tracking clearances for all the projects. The information technology, electronics and communications sector also saw investment deals worth Rs 1.6 trillion, while the Andhra Pradesh Capital Region Development Authority saw Rs 48,711 crore investments; tourism around Rs 21,036 crore; food processing Rs 13,008 crore; urban development Rs 4,944 crore; and textiles around Rs 4,490 crore, among others.

 

“India is unstoppable. We will be the number one economy by 2047, and my ambitious vision regarding AP is to turn the economy to $2.4 trillion by 2047 and per capita income to $42,000, towards Swarna Andhra," Naidu said. Amid a global workforce crisis, India’s young workforce is a silver lining and will reap advantage for the next 20-30 years, he added.

 

Minister Nara Lokesh said the state will ensure policy continuity for industry. The summit was strengthened by the exchange of ideas and cross-learning opportunities on business and social issues. It also saw the participation of 30 ministers from different countries, over 67 sessions, and over 3,000 delegates.

 

Rajiv Memani, president, CII and chairman and chief executive officer, EY, said that the curation of policies by the Government of Andhra Pradesh for three global megatrends—geoeconomics and geopolitics, AI and technology, and sustainability and energy transition—was appropriate and far-sighted, and would help the state accelerate and benefit India at large across sectors.

 

Suchitra Ella, vice president, CII, was also present during the valedictory session. Chandrajit Banerjee, director general, CII, noted that the summit showcased impactful business-to-government; government-to-government; and business-to-business partnerships in sectors such as health and education, among others.

 

Responding to a question on the ongoing debate over Hwaseung shifting its investment from Tamil Nadu to Andhra Pradesh and the sharp reactions from Karnataka on Google choosing Visakhapatnam for its landmark investment, chief minister Naidu said on Saturday that cooperative federalism thrives on healthy competition. He said citizens benefit only when states compete. “Competition is inevitable, only when states compete do people benefit. If everyone becomes complacent, how will investments grow?” he said.